Supply and Demand In many applications of economics, as the price of an item goes up, demand
Question:
Supply and Demand In many applications of economics, as the price of an item goes up, demand for the item goes down and supply of the item goes up. The price where supply and demand are equal is the equilibrium price, and the resulting supply or demand is the equilibrium supply or equilibrium demand. Suppose the supply of a product is related to its price by the equation
where p is in dollars and q is supply in appropriate units. (Here, q stands for quantity.) Furthermore, suppose demand and price for the same product are related by
where p is price and q is demand. The system formed by these two equations has solution (18, 12), as seen in the graph. Use this information to work Exercises 113–118 in order.
Find the demand for the electric can opener at each price.
(a) $6
(b) $11
(c) $16
Transcribed Image Text:
q, 3 3 39+18,,
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