anonymous
  • anonymous
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: $15.87 I know how to get -13.33p but...
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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anonymous
  • anonymous
formula for demand is q=mp+b and I cant remember supply's formula :$ I need to know how to get B
anonymous
  • anonymous
And to get m i used x2-x1/y2-y1
anonymous
  • anonymous
treat both the supply and demand equation like linear equations of the form: y=mx+b where quantity is y, and price is x

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anonymous
  • anonymous
so both have the same linear equation? right?
anonymous
  • anonymous
but how do i get b?
anonymous
  • anonymous
once you have the slope substitute in a quantity and its price to find the constant aka y -intercept
anonymous
  • anonymous
I 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
  • anonymous
then set them equal to each other and solve for the price
anonymous
  • anonymous
uhm... I dont get it...srry but can you make B?
anonymous
  • anonymous
use 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
  • anonymous
oh god thnx by any chance do you know the equilibrium price formula?
anonymous
  • anonymous
set the demand equation equal to the supply equation -13.33p+480=12.5p+70, solve for p
anonymous
  • anonymous
ok thnx you are a life saver, i gave you a medal ;D
anonymous
  • anonymous
thanks :)
anonymous
  • anonymous
I may ask later another question in like 10 min if you have the time

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