The monthly supply S(p) and demand D(p) for a video game console is given by the graphs. Complete parts a-e below. 5000- 4500 4000- S(p) = D(P) = (Type expressions using p as the variable.) 3500 3000- 2500 2000- 1500- 1000- 500-S(p) 0 (p) 200 400 600 800 1000 Selling price per unit, p a) Describe how the increased selling price of an item affects the consumer demand and producer supply. If the selling price of an item is higher than it should be, the consumer demand for the item will decrease and the producer's willingness to supply it will increase. b) Find formulas for the functions q = D(p) and q = S(p). 0

The monthly supply S(p) and demand D(p) for a video game console is given by the graphs. Complete parts a-e below. 5000- 4500 4000- S(p) = D(P) = (Type expressions using p as the variable.) 3500 3000- 2500 2000- 1500- 1000- 500-S(p) 0 (p) 200 400 600 800 1000 Selling price per unit, p a) Describe how the increased selling price of an item affects the consumer demand and producer supply. If the selling price of an item is higher than it should be, the consumer demand for the item will decrease and the producer's willingness to supply it will increase. b) Find formulas for the functions q = D(p) and q = S(p). 0

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

½ 1.CQLPrecalc.2
The monthly supply S(p) and demand D(p) for a
video game console is given by the graphs. Complete
parts a-e below.
Quantity, q
S(p) =
D(p) =
(Type expressions using p as the variable.)
5000-
4500-
4000-
3500-
3000-
2500
2000-€
1500-
1000-
500-S(p)
0+
0
(p)
200 400 600 800 1000
Selling price per unit, p
a) Describe how the increased selling price of an item affects the consumer demand and producer supply.
If the selling price of an item is higher than it should be, the consumer demand for the item will decrease and the producer's willingness to supply it will increase.
b) Find formulas for the functions q = D(p) and q = S(p).

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Step 1: Demand-supply equilibrium:

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