Chapter 1.2, Problem 42E

(a)

To determine

To calculate: The equilibrium price and equilibrium demand, if the demand for monorail service on the Utarek monorail which links the three urbynes of Utarek Mars can be modeled by $q=7.5+\frac{30}{p}$ million rides per year $\left(3\le p\le 8\right)$, where, p is the cost per ride in zonars $\left(\overline{Z}\right)$ and the supply for the service is modeled by $q=1.2p+7.5$ million rides per day $\left(3\le p\le 8\right)$ at a fare of $\overline{Z}p$.

(b)

To determine

To graph: The supply and demand functions using technology, if the demand for monorail service on the Utarek monorail which links the three urbynes of Utarek Mars can be modeled by $q=7.5+\frac{30}{p}$ million rides per year $\left(3\le p\le 8\right)$, where p is the cost per ride in zonars $\left(\overline{Z}\right)$ and the supply for the service is modeled by $q=1.2p+7.5$ million rides per day $\left(3\le p\le 8\right)$ at a fare of $\overline{Z}p$ in order to confirm the answer graphically obtained in part (a).

(c)

To determine

To calculate: The shortage or surplus of monorail service at December $2085$ fare of $\overline{Z}6$ per ride, if demand for monorail service on the Utarek monorail which links the three urbynes of Utarek Mars can be modeled by $q=7.5+\frac{30}{p}$ million rides per year $\left(3\le p\le 8\right)$, where, p is the cost per ride in zonars $\left(\overline{Z}\right)$ and the supply for the service is modeled by $q=1.2p+7.5$ million rides per day $\left(3\le p\le 8\right)$.