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The price per unit of a certain commodity and the corresponding demand and supply quantities are summarized in the following table. Assuming both the
The price per unit of a certain commodity and the corresponding demand and supply quantities are summarized in the following table. Assuming both the supply and demand functions have quadratic relationships. Price per unit $25 $30 Demand Quantity 225 units 500 units $60 3200 units Supply Price per unit Quantity $10 $20 $30 1700 units 1600 units 1700 units a. Determine the supply function q = f(p), where p is the price in dollars per unit and q is the b. C. quantity supplied in units. (6 marks) Determine the demand function q = g(p), where p is the price in dollars per unit and q is the quantity demanded in units. (6 marks) Determine the equilibrium price and quantity. (6 marks)
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