The demand for your college newspaper is 9,000 copies each week if the paper is given away free of charge, and drops to 8,000 each week if the charge is 10¢/copy. However, the university is prepared to supply only 600 copies per week free of charge, but will supply 1,400 each week at 20¢ per copy. Write down the associated linear demand and supply functions
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and also, at what price should the college newspaper should be sold that there is neither surplus nor a shortage of college newspaper?
We're assuming linear functions.
So you have two data points for demand: \[
(0,9000)\quad (10, 8000)
\]And two for supply \[
(0,600)\quad (20, 1400)
\]So find the lines for these points.
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