The table below gives the quantity of fancy widgetsdemanded and the quantity supplied for selected prices.(a) Find the linear equation that gives the price as afunction of the quantity demanded.(b) Find the linear equation that gives the price as afunction of the quantity supplied.(c) Use these equations to find the market equilibriumprice.Price($)40506070100Quantity Demanded(thousands)1441241048424QuantitySupplied(thousands)04080120240(a) What is the price as a function of the quantitydemanded?p=(Type an expression using q as the variable. Typeyour answer in slope-intercept form.)(b) What is the price as a function of the quantitysupplied?p=(Type an expression using q as the variable. Typeyour answer in slope-intercept form.)(c) What is the market equilibrium price?$

The table below gives the quantity of fancy widgets demanded and the quantity supplied for selected prices. (a) Find the linear equation that gives the price as a function of the quantity demanded. (b) Find the linear equation that gives the price as a function of the quantity supplied. (c) Use these equations to find the market equilibrium price.

The table below gives the quantity of fancy widgets demanded and the quantity supplied for selected prices. (a) Find the linear equation that gives the price as a function of the quantity demanded. (b) Find the linear equation that gives the price as a function of the quantity supplied. (c) Use these equations to find the market equilibrium price.

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

The table below gives the quantity of fancy widgets
demanded and the quantity supplied for selected prices.
(a) Find the linear equation that gives the price as a
function of the quantity demanded.
(b) Find the linear equation that gives the price as a
function of the quantity supplied.
(c) Use these equations to find the market equilibrium
price.
Price
($)
40
50
60
70
100
Quantity Demanded
(thousands)
144
124
104
84
24
Quantity
Supplied
(thousands)
0
40
80
120
240
(a) What is the price as a function of the quantity
demanded?
p=
(Type an expression using q as the variable. Type
your answer in slope-intercept form.)
(b) What is the price as a function of the quantity
supplied?
p=
(Type an expression using q as the variable. Type
your answer in slope-intercept form.)
(c) What is the market equilibrium price?
$

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