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anonymous
 5 years ago
1) Equilibruim price: You can sell 280 products per week if they are marked at $15 each, but only 240 each week if they are marked at $18 each. Your supplier is prepared to sell you 320 products each week if they are marked at $20 each and 220 each week if they are marked $12 each. Find the demand equation, supply equation and equilibrium price for this product, using variables P for sales piece and Q for sales quantity.
Now I NEED TO KNOW HOW TO DO IT AND I KNOW THE ANSWERS
Demand equation: q=13.33p+480
Supply equation: 12.5p+70
Equilibrium Price: $15.87
I know how to get 13.33p but...
anonymous
 5 years ago
1) Equilibruim price: You can sell 280 products per week if they are marked at $15 each, but only 240 each week if they are marked at $18 each. Your supplier is prepared to sell you 320 products each week if they are marked at $20 each and 220 each week if they are marked $12 each. Find the demand equation, supply equation and equilibrium price for this product, using variables P for sales piece and Q for sales quantity. Now I NEED TO KNOW HOW TO DO IT AND I KNOW THE ANSWERS Demand equation: q=13.33p+480 Supply equation: 12.5p+70 Equilibrium Price: $15.87 I know how to get 13.33p but...

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anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0formula for demand is q=mp+b and I cant remember supply's formula :$ I need to know how to get B

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0And to get m i used x2x1/y2y1

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0treat both the supply and demand equation like linear equations of the form: y=mx+b where quantity is y, and price is x

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0so both have the same linear equation? right?

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0once you have the slope substitute in a quantity and its price to find the constant aka y intercept

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0I remember i took a price from the both demand prices and then i used the formula but i cant seem to pull it off :/

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0then set them equal to each other and solve for the price

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0uhm... I dont get it...srry but can you make B?

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0use the point when the price is 15 dollars and the quantity demand is 280 280=15*13.33+B B=280+200 B=480

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0oh god thnx by any chance do you know the equilibrium price formula?

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0set the demand equation equal to the supply equation 13.33p+480=12.5p+70, solve for p

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0ok thnx you are a life saver, i gave you a medal ;D

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0I may ask later another question in like 10 min if you have the time
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