Suppose that a company that makes sweatshirts has a linear demand function of qD = –6p + 400 and a linear supply function of qS = 4p + 50, where p is the price of each sweatshirt and q is the quantity, or number of sweatshirts. How many sweatshirts are made and sold if the market is in equilibrium? (i.e., What is the equilibrium demand?) ? sweatshirts

Suppose that a company that makes sweatshirts has a linear demand function of qD = –6p + 400 and a linear supply function of qS = 4p + 50, where p is the price of each sweatshirt and q is the quantity, or number of sweatshirts. How many sweatshirts are made and sold if the market is in equilibrium? (i.e., What is the equilibrium demand?) ? sweatshirts

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

See similar textbooks

Related questions

Q: 12. Which situation can be modeled with a linear function? A biologist studied the growth rate of…

A: From the given options

Q: Consider a linear demand model to explain the quantity demanded for a product: Q = a + B, Pr ice +…

A: As we know that the multiple regression model is, Q= a+B1 Price + B2 Income + B3 Advert + E And…

Q: Find the demand function p, given the marginal-revenue function dr/dq below. dr 2 = 207 - 7q-1.2g bp…

Q: 9. Starbucks noticed that when they charged $2.50 for a cup of coffee, they sold 230,000 Ibs of…

A: Given C(x) = Coffee (in pounds ) sold. x = price per cup And…

Q: Suppose the profit from the sale of x units of a product is P = 6400x – 18x2 - 400. (a) What…

A: Given that: Profit, P(x)=6400x-18x2-400 NOTE: As per our answering guidelines, we can only…

Q: The demand and supply functions for your college newspaper are, q = -8,000p + 1,500 and q = 3,000p +…

Q: The demand function and the supply function of a good are given by:D=14+5p-p² and S=3p -1. %3D Find…

Q: The demand function for a manufacturer's product is D = 85 - 9p , where D is the number of units and…

Q: Suppose that a company that makes sweatshirts has a linear demand function of qD = –13p + 500 and a…

Q: A retail chain will buy 700 cordless phones if the price is $40 each and 100 if the price is $70 A…

Q: A business has found that it can sell 770 items if it sets its price to $66.61. However, if it…

A: Given: A business can sell 770 items if the price is $66.61. If the price is lowered to $41.4, then…

Q: 6) This year, the student council president has decided to raise funds for the school prom by…

Q: y= 50-2.1p+0.81+2.5PS-.5PC+E ☐T.test 3 1.5 0.4 2.3 ☐F.test 2.1 R.square= 0.91 ☐Explain contents of…

A: A demand function is a mathematical representation of the relationship between the quantity demanded…

Q: A store can sell 400 candy bars per week when the price is $0.50 per candy bar and they can sell 350…

Q: Alexia your friend is a busy mandating company who is selling 1950 television sets a week at $540…

A: Sol:- a) To find the linear demand function D(q), we need to use the given information that the…

Q: The following table shows actual and projected worldwide annual sales and average selling prices of…

A: According to the given information,

Q: 0 represent 2000.† (a) Write a linear model for the data.

A: Personal income (in billions of dollars) in the United States was 12,430 in 2008 and 14,167 in 2013.…

Q: If the revenue function for a particular commodity is R(p) = -55p2 + 65p, what is the (linear)…

Q: The demand function for a good is given by the equation P = a − bQ while the total cost function is…

A: Given demand function is PQ=a-bQ (i) Cost function is CQ=dQ2+eQ+f…

Q: 14. Which situation can be modeled with a linear function? A The perimeter of a square depends on…

A: The perimeter of a square depends on the length of the sides of the square. Let x be the length of…

Q: 5. (10 points) When the price of a glass of lemonade at a lemonade stand was $1.75, 400 glasses were…

A: Please refer to the image below

Question

Suppose that a company that makes sweatshirts has a linear demand function of q_D = –6p + 400 and a linear supply function of q_S = 4p + 50, where p is the price of each sweatshirt and q is the quantity, or number of sweatshirts. How many sweatshirts are made and sold if the market is in equilibrium? (i.e., What is the equilibrium demand?)

? sweatshirts

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Working formula

VIEW

Step 2: Solving Equilibrium conditions

VIEW

Solution

VIEW

Step by step

Solved in 3 steps with 5 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

can you please explain the answer by solving this question again?
A manufacture has been selling 1350 television sets a week at $480 each. A market survey indicates that for each $18 rebate offered to a buyer, the number of sets sold will increase by 180 per week. i. Find the demand function p(x), where æ is the number of the television sets sold per week. p(x) = ii. How large rebate should the company offer to a buyer, in order to maximize its revenue? $ iii. If the weekly cost function is 108000 + 160x, how should it set the size of the rebate to maximize its profit? $
Refer to the picture below.
13. Which situation can be modeled with a linear function? A The area of a square depends on the length of the sides of the square. B A car's value depreciates every year by 10% of the previous year's vahue. The amount of money raised by a cookie sale depends on the mumber of boxes sold. Different types of cookies have identical prices.
The growth rate of the speed of sound in relation to the temperature in degrees Fahrenheit is a linear function. The speed of sound at 0 degrees Fahrenheit is 1052.3 feet per second. For every 1 degree Fahrenheit rise in temperature, the speed of sound increases by 1.1 feet per second. A. Identify the initial value of linear function that gives the speed of sound in terms of temperature. B. A 20 degree Fahrenheit rise in temperature would provide what increase in the speed of sound? C. What would the speed of sound be after a 67 degree Fahrenheit rise in temperature?
Suppose demand is given by p = 1600 − x. Find the maximum revenue.
The Catalog Store has data indicating that, when the price of a CD bookcase is $138, the demand quantity is 56 and the supply quantity is 80. The equilibrium point occurs when the price is $120 and the quantity is 72. Find the linear demand equation p. (Let x be the demand quantity.) p = Find the linear supply equation p. (Let x be the supply quantity.) p =
The demand function for a good is given by the equation P = a − bQ while the totalcost function is TC = dQ2 + eQ + f, where a, b, d, e and f are positive constants.(a) Derive the equation for profit.(b) Derive an expression for the value of Q for which profit is maximised.