Use the Sales information above to answer this question. The Yaster research department established the following price-supply function for thingamabobs: q(x) = 1.63 x + 31, where ï is in thousands of thingamambobs. Find the equilibrium quantity. Use that information to complete the following sentence: As the price of thingamabobs tends toward the equilibrium price, the supply and demand are both thingamabobs. Round to the nearest thingamabob. 9,386
Use the Sales information above to answer this question. The Yaster research department established the following price-supply function for thingamabobs: q(x) = 1.63 x + 31, where ï is in thousands of thingamambobs. Find the equilibrium quantity. Use that information to complete the following sentence: As the price of thingamabobs tends toward the equilibrium price, the supply and demand are both thingamabobs. Round to the nearest thingamabob. 9,386
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Use the Sales information above to answer this question.
The Yaster research department established the following price-supply function
for thingamabobs:
q(x) = 1.63 x + 31,
where x is in thousands of thingamambobs. Find the equilibrium quantity. Use
that information to complete the following sentence:
As the price of thingamabobs tends toward the equilibrium price, the supply and
demand are both
thingamabobs. Round to the nearest thingamabob.
9,386
Transcribed Image Text:Thingamabob Sales
Yaster Inc. is trying to enter the thingamabob market. The research department
established the following price-demand, cost, and revenue functions:
Price-
p(x) = 57 1.14x
demand
function
|C(x) = 215 + 11x
Cost function
Revenue
R(x) = xp(x) = x(57 - 1.14x)
function
where x is in thousands of thingamabobs and C'(x) and R(x) are in thousands
of dollars. The price p(x) is the price in dollars of one thingamabob when the
demand is a thousand thingamabobs. All three functions have domain
1 ≤ x ≤ 50.
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