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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
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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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: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
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.
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.
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