The supply and demand for fresh jumbo lump crabmeat in a local fish store are related by the equationsSupply: p = S(q) = 4q + 10andDemand: p = D(q) = 40 - 4q,where p represents the price in dollars per pound and q represents the quantity of crabmeat in pounds per day. Find the quantity supplied and demanded at each of the following prices.(a) $20(b) $24(c) $32(d) Graph both the supply and demand functions on the same axes.(e) Find the equilibrium price.(f ) Find the equilibrium quantity.
Equations and Inequations
Equations and inequalities describe the relationship between two mathematical expressions.
Linear Functions
A linear function can just be a constant, or it can be the constant multiplied with the variable like x or y. If the variables are of the form, x2, x1/2 or y2 it is not linear. The exponent over the variables should always be 1.
The supply and demand for fresh jumbo lump crabmeat in a local fish store are related by the equations
Supply: p = S(q) = 4q + 10
and
Demand: p = D(q) = 40 - 4q,
where p represents the price in dollars per pound and q represents the quantity of crabmeat in pounds per day. Find the quantity supplied and demanded at each of the following prices.
(a) $20
(b) $24
(c) $32
(d) Graph both the supply and demand functions on the same axes.
(e) Find the equilibrium price.
(f ) Find the equilibrium quantity.
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