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)
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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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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?
$
Transcribed Image Text: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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