The monthly supply and demand for a particular bike is represented in the graph below. The quantity is in thousands and the price is in hundreds of dollars. The demand curve is dashed and in red and the the supply curve is blue. 60 55 Price 50 (in hundreds) 45 45 40 35 30 25 20 15 10 5 -4-3-2-1 1 2 3 4 -5 5 6 7 8 9 10 11 12 13 14 15 Quantity (in thousands) Use the graph to find the following information. For parts (a) and (b), estimate the answer. Answers within $100 of the correct answer will be marked correct. (a) At what price are 7000 bikes supplied? $ (b) Approximately at what price are 7000 bikes demanded? $ (c) State the equilibrium price. $ (d) State the equilibrium quantity. 0 In supply (and demand) problems, q is the number of items the supplier will produce (or the public will buy) if the price of the item is p. The equilibrium point for supply and demand is (q, p). For a particular product, the supply equation is and the demand equation is p = 2q - 293 p = - 7q+1093. A) What is the equilibrium point of these two lines? Equilibrium point: B) What is the selling price when supply and demand are in equilibrium? price: $ per item C) What number of items are being produced and sold when the supply and demand functions are in equilibrium? number of items: Question Help: Video Submit Question Question 11 0/10 pts 599 Details In supply and demand problems, q is the number of items the supplier will produce (or the public will buy) if the price of the item is p. The equilibrium point for supply and demand is (q, p). For a particular product, the supply equation is and the demand equation is 3p - q = 21 4p 9+ 70. A) What is the equilibrium point of these two lines? Equilibrium point: B) What is the selling price when supply and demand are in equilibrium? price: $ per item C) What number of items are being produced and sold when the supply and demand functions are in equilibrium? number of items: Submit Question For a particular product, the supply equation is 1 P-9 p = and the demand equation is 1 p = 348 79. A) What is the equilibrium point of these two lines? (q,p)= B) Recall that revenue is the number of items being sold multiplied by their sales price. What is the revenue to suppliers when supply and demand are in equilibrium? revenue: Submit Question