The Jesaki research department established the following price-supply function for widgets: q(x) = 1.52 x + 23, where x is in thousands of widgets. Find the equilibrium quantity. Use that information to complete the following sentence: As the price of widgets tends toward the equilibrium price, the supply and demand are both widgets. Round to the nearest widget.
The Jesaki research department established the following price-supply function for widgets: q(x) = 1.52 x + 23, where x is in thousands of widgets. Find the equilibrium quantity. Use that information to complete the following sentence: As the price of widgets tends toward the equilibrium price, the supply and demand are both widgets. Round to the nearest widget.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question
Transcribed Image Text:Widget Sales
Jesaki Inc. is trying to enter the widget market. The research department
established the following price-demand, cost, and revenue functions:
p(x) = 60 1.20x
Price-
demand
function
Cost
function
C(x) = 210 + 12x
R(x) = xp(x) = x(60 - 1.20x)
where x is in thousands of widgets and C(x) and R(x) are in thousands
of dollars. The price p(x) is the price in dollars of one widget when the
demand is a thousand widgets. All three functions have domain
1 ≤ x ≤ 50.
Revenue
function
Transcribed Image Text:Use the Sales information above to answer this question.
The Jesaki research department established the following price-supply
function for widgets:
q(x) = 1.52 x + 23,
where x is in thousands of widgets. Find the equilibrium quantity. Use
that information to complete the following sentence:
As the price of widgets tends toward the equilibrium price, the supply and
demand are both
widgets. Round to the nearest widget.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
