The price P of a good and the quantity Q of a good are linked. The demand
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The price P of a good and the quantity Q of a good are linked. The demand for a new pair of trainers can be modelled using the equation P = −3/4Q + 35. The supply of the trainers can be modelled using the equation P = 2/3Q + 1.
a. Draw a sketch showing the demand and supply lines on the same pair of axes. The equilibrium point is the point where the supply and demand lines meet.
b. Find the values of P and Q at the equilibrium point.
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To draw the sketch of the demand and supply lines well plot them on the same pair of axes The demand ...View the full answer
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Related Book For 
Edexcel AS And A Level Mathematics Pure Mathematics Year 1/AS
ISBN: 9781292183398
1st Edition
Authors: Greg Attwood
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