Concept explainers
Systems of equations play an important role in the analysis of supply and demand. For example, suppose that a theater company wants to set an optimal price for tickets to a show. If the theater sells tickets for $1 each, there would be a high demand and many people would buy tickets. However, the revenue brought in would not cover the expense of the show. Therefore, the theater is not willing to offer (supply) tickets at this low price. If the theater sells tickets for $10,000 each, chances are that no one would buy a ticket (demand would be low).
In an open market, the price of an item is dependent on the demand by consumers and the supply offered by producers. Competition between buyers and sellers streers the price toward an equilibrium price-that is, the price where supply equals demand. The number of items offered and sold at the equilibrium price is the equilibrium quantity. Use this information for Exercises 87-88.
Suppose that the price p (in $) of theater tickets is influenced by the number of tickets x offered by the theater and demanded by consumers.
Solve the system of equations defined by the supply and demand models.
What is the equilibrium price?
What is the equilibrium quantity?
Want to see the full answer?
Check out a sample textbook solutionChapter 5 Solutions
COLLEGE ALGEBRA
- Question 4 (a) The following matrices represent linear maps on R² with respect to an orthonormal basis: = [1/√5 2/√5 [2/√5 -1/√5] " [1/√5 2/√5] A = B = [2/√5 1/√5] 1 C = D = = = [ 1/3/5 2/35] 1/√5 2/√5 -2/√5 1/√5' For each of the matrices A, B, C, D, state whether it represents a self-adjoint linear map, an orthogonal linear map, both, or neither. (b) For the quadratic form q(x, y, z) = y² + 2xy +2yz over R, write down a linear change of variables to u, v, w such that q in these terms is in canonical form for Sylvester's Law of Inertia. [6] [4]arrow_forwardpart b pleasearrow_forwardQuestion 5 (a) Let a, b, c, d, e, ƒ Є K where K is a field. Suppose that the determinant of the matrix a cl |df equals 3 and the determinant of determinant of the matrix a+3b cl d+3e f ГЪ e [ c ] equals 2. Compute the [5] (b) Calculate the adjugate Adj (A) of the 2 × 2 matrix [1 2 A = over R. (c) Working over the field F3 with 3 elements, use row and column operations to put the matrix [6] 0123] A = 3210 into canonical form for equivalence and write down the canonical form. What is the rank of A as a matrix over F3? 4arrow_forward
- Question 2 In this question, V = Q4 and - U = {(x, y, z, w) EV | x+y2w+ z = 0}, W = {(x, y, z, w) € V | x − 2y + w − z = 0}, Z = {(x, y, z, w) € V | xyzw = 0}. (a) Determine which of U, W, Z are subspaces of V. Justify your answers. (b) Show that UW is a subspace of V and determine its dimension. (c) Is VU+W? Is V = UW? Justify your answers. [10] [7] '00'arrow_forwardTools Sign in Different masses and Indicated velocities Rotational inert > C C Chegg 39. The balls shown have different masses and speeds. Rank the following from greatest to least: 2.0 m/s 8.5 m/s 9.0 m/s 12.0 m/s 1.0 kg A 1.2 kg B 0.8 kg C 5.0 kg D C a. The momenta b. The impulses needed to stop the balls Solved 39. The balls shown have different masses and speeds. | Chegg.com Images may be subject to copyright. Learn More Share H Save Visit > quizlet.com%2FBoyE3qwOAUqXvw95Fgh5Rw.jpg&imgrefurl=https%3A%2F%2Fquizlet.com%2F529359992%2Fc. Xarrow_forwardSimplify the below expression. 3 - (-7)arrow_forward
- (6) ≤ a) Determine the following groups: Homz(Q, Z), Homz(Q, Q), Homz(Q/Z, Z) for n E N. Homz(Z/nZ, Q) b) Show for ME MR: HomR (R, M) = M.arrow_forward1. If f(x² + 1) = x + 5x² + 3, what is f(x² - 1)?arrow_forward2. What is the total length of the shortest path that goes from (0,4) to a point on the x-axis, then to a point on the line y = 6, then to (18.4)?arrow_forward
- موضوع الدرس Prove that Determine the following groups Homz(QZ) Hom = (Q13,Z) Homz(Q), Hom/z/nZ, Qt for neN- (2) Every factor group of adivisible group is divisble. • If R is a Skew ficald (aring with identity and each non Zero element is invertible then every R-module is free.arrow_forwardI have ai answers but incorrectarrow_forwardwhat is the slope of the linear equation-5x+2y-10=0arrow_forward
- College Algebra (MindTap Course List)AlgebraISBN:9781305652231Author:R. David Gustafson, Jeff HughesPublisher:Cengage LearningGlencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
- Algebra for College StudentsAlgebraISBN:9781285195780Author:Jerome E. Kaufmann, Karen L. SchwittersPublisher:Cengage LearningAlgebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:CengageAlgebra: Structure And Method, Book 1AlgebraISBN:9780395977224Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. ColePublisher:McDougal Littell