The University of Utah is opening a five credit hour section of Business Algebra for the next semester. An instructor and room for the semester costs $14, 400. Additionally, after the contribution from the state is considered, it costs the University $39 per student to run a class each semester. The University charges students $81 per credit hour. Being a non-profit, the University just needs to break even on each class. What is the minimum number of students they need to meet this goal? Round the answer UP to the nearest student. Minimum Number of Students: 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) ~y 1 5+ a0t e 1354 130+ 25+ 20+ 151 10+ t1 t++ 7 8 9 10 1l 12 13 14 15 54 ] 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 4000 bikes supplied? $ (b) Approximately at what price are 4000 bikes demanded? $ (c) State the equilibrium price. $ (d) State the equilibrium quantity. $ In supply (and demand) problems, g 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 (g, p). For a particular product, the supply equation is p=9g 1733 and the demand equation is p = 5+ 1095. 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: 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 (g, ). For a particular product, the supply equation is Ipqg=36 and the demand equation is 2p= q+64. 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 @ Question 12 & o/10pts O 5 298 @ Details For a particular product, the supply equation is and the demand equation is = 528 L p= 7'1- A) What is the equilibrium point of these two lines? (: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 A company has studied the demand for a given product. If the price is $67 per item, then consumers would purchase 468 items. If the price is $31 per item, then consumers would purchase 612 items. Answer the questions below. The convention is to use g as the input variable and price as the output variable, (g, p). A) What is the ordered pair associated with the lower price? B) What is the ordered pair associated with the higher price? C) Using these ordered pairs, what is the demand equation? Solve the equation for p. Use integers or fractions, not decimals, for the slope and p-intercept. p= | | Submit Question @ Question 14 & 0/10 pts O 4-5 98 @ Details Score on last try: 0 of 10 pts. See Details for more. 2 Get a similar question You can retry this question below A local store will buy 25 doorbell cameras from a supplier if the price is $50 each. If the price drops to $20 , then the store will buy 30. The supplier is willing to sell 66 doorbell cameras for the price of $41.50 each, but only 46 at a price of $36.50 each. Find the supply and demand functions and the market equilibrium point. Assume both the supply and demand are linear. Use integers, fractions or decimals to describe the slopes and p-intercepts. A) What is the equation for the demand? B) What is the equation for the supply? p=| | C) What is the market equilibrium point