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The market equilibrium point for a commodity occurs when 3,200 units are produced and sold at Php124 per unit. The lowest price at which the producer is willing to supply the product is Php98 and the highest price at which the consumer will buy is Php140. Find the demand and supply functions assuming that they are both linear.

The market equilibrium point for a commodity occurs when 3,200 units are produced and sold at Php124 per unit. The lowest price at which the producer is willing to supply the product is Php98 and the highest price at which the consumer will buy is Php140. Find the demand and supply functions assuming that they are both linear.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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6. The market equilibrium point for a commodity occurs when 3,200 units are produced and sold at Php124 per unit. The lowest price at which the producer is willing to supply the product is Php98 and the highest price at which the consumer will buy is Php140. Find the demand and supply functions assuming that they are both linear.
Transcribed Image Text:6. The market equilibrium point for a commodity occurs when 3,200 units are produced and sold at Php124 per unit. The lowest price at which the producer is willing to supply the product is Php98 and the highest price at which the consumer will buy is Php140. Find the demand and supply functions assuming that they are both linear.
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