Suppose that the supply function for honey is p = S(q) = 0.3q + 2.7, where p
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Suppose that the supply function for honey is p = S(q) = 0.3q + 2.7, where p is the price in dollars for an 8-oz container and q is the quantity in barrels. Suppose also that the equilibrium price is $4.50 and the demand is 2 barrels when the price is $6.10. Find an equation for the demand function, assuming it is linear.
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Use the supply function to find the equilibrium quan...View the full answer
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