Equilibrium Point

Yaster Cookware is planning to introduce a new line of cast-iron pans. A marketing company established price-demand and price-supply tables for selected prices, shown in the tables below, where

is the number of pans people are willing to buy and Yaster is willing to sell each month at a price of

dollars per pan.

Price-Demand:

984	410
2140	220
2940	143
4200	55
5125	45

Price-Supply

984	21
2140	77
2940	108
4200	150
5125	190

Find a quadratic regression model for the price-demand data and a linear regression model for the price-supply data. Use these models to answer the following questions.

Flag question: Question 8

Question 8 2 pts

Estimate the lowest price at which the demand is zero.

$ . Round to the nearest dollar.

Flag question: Question 9

Question 9 2 pts

Estimate the supply at the price level $180.

pans. Round to the nearest pan.

Flag question: Question 10

Question 10 3 pts

Estimate the demand at the price level $180.

pans. Round to the nearest pan.

Flag question: Question 11

Question 11 3 pts

Which of the following best describes the price level of $180?

Group of answer choices

The price level of $180 is not stable. The equilibrium price is higher, so the market forces will drive the price down.

The price level of $180 represents a stable condition. The equilibrium price is $180 per pan.

The price level of $180 is not stable. The equilibrium price is lower, so the market forces will drive the price up.

The price level of $180 is not stable. The equilibrium price is lower, so the market forces will drive the price down.

The price level of $180 is not stable. The equilibrium price is higher, so the market forces will drive the price up.

Flag question: Question 12

Question 12 3 pts

Estimate the equilibrium price.

$ per pan. Round to the nearest dollar.

Flag question: Question 13

Question 13 2 pts

Estimate the equilibrium quantity.

pans. Round to the nearest pan.