The figure below shows supply and demand for a product. p (price per unit) 70 60 50 Supply 40 30 20 10 Demand 1000 q (quantity) 2000 3000 4000 5000 (a) What is the equilibrium price for this product? At this price, what quantity is produced? The equilibrium price is $ per unit and the corresponding quantity is i i units. (b) At a price p D 30, how many items are suppliers willing to produce? How many items do consumers want to buy? The suppliers are willing to produce i units while the consumers want to buy i units. (c) At a price p 20, how many items are suppliers willing to produce? How many items do consumers want to buy? The suppliers are willing to produce units while the consumers want to buy units.
The figure below shows supply and demand for a product. p (price per unit) 70 60 50 Supply 40 30 20 10 Demand 1000 q (quantity) 2000 3000 4000 5000 (a) What is the equilibrium price for this product? At this price, what quantity is produced? The equilibrium price is $ per unit and the corresponding quantity is i i units. (b) At a price p D 30, how many items are suppliers willing to produce? How many items do consumers want to buy? The suppliers are willing to produce i units while the consumers want to buy i units. (c) At a price p 20, how many items are suppliers willing to produce? How many items do consumers want to buy? The suppliers are willing to produce units while the consumers want to buy units.
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Transcribed Image Text:The figure below shows supply and demand for a product.
p (price per unit)
70
60
50
Supply
40
30
20
10
Demand
1000
2000
3000
4000
5000
q (quantity)
(a) What is the equilibrium price for this product? At this price, what quantity is produced?
The equilibrium price is $ i
per unit and the corresponding quantity is
i
units.
(b) At a price p3D 30, how many items are suppliers willing to produce? How many items do consumers want to buy?
The suppliers are willing to produce i
units while the consumers want to buy i
units.
(c) At a price p = 20, how many items are suppliers willing to produce? How many items do consumers want to buy?
The suppliers are willing to produce
units while the consumers want to buy
units.
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