The supply and demand for fresh jumbo lump crabmeat in a local fish store are related by
Question:
The supply and demand for fresh jumbo lump crabmeat in a local fish store are related by the equations
Supply: p = S(q) = 4q + 10
and
Demand: p = D(q) = 40 - 4q,
where p represents the price in dollars per pound and q represents the quantity of crabmeat in pounds per day. Find the quantity supplied and demanded at each of the following prices.
(a) $20
(b) $24
(c) $32
(d) Graph both the supply and demand functions on the same axes.
(e) Find the equilibrium price.
(f) Find the equilibrium quantity.
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