At a price of $9.00 per box of oranges, the supply is 320,000 boxes and the demand

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At a price of $9.00 per box of oranges, the supply is 320,000 boxes and the demand is 200,000 boxes. At a price of $8.50 per box, the supply is 270,000 boxes and the demand is 300,000 boxes.

(A) Find a price–supply equation of the form p = mx + b, where p is the price in dollars and x is the corresponding supply in thousands of boxes.

(B) Find a price–demand equation of the form p = mx + b, where p is the price in dollars and x is the corresponding demand in thousands of boxes.

(C) Graph the price–supply and price–demand equations in the same coordinate system and find their point of intersection.

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Finite Mathematics For Business Economics Life Sciences And Social Sciences

ISBN: 9780134862620

14th Edition

Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker

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