For the supply equation, where x represents the quantity supplied in units of 1,000 and p is the unit price in dollars, determine the number of units of the commodity the supplier will make available in the market at the given unit price. Please round your answer to the nearest unit. 3x - 5p + 30 = 0; p = 7
A) 1,567
B) 2,167
C) 1,667
D) 1,367

Question

Quizplus · Accepted Answer

Substitute p = 7 into the supply equation:
3x - 5(7) + 30 = 0 
3x = 5(7) - 30 
3x = -5 
x = -5/3 
Since x represents the quantity supplied in units of 1,000, we need to multiply x by 1000 and round to the nearest unit:
x ≈ -1667
However, the quantity supplied cannot be negative, so we take the absolute value:
| -1667 | = 1667
Thus, the supplier will make 1667 units of the commodity available in the market at the price of $7. Rounded to the nearest unit, the answer is C: 1,667.

For the Supply Equation, Where X Represents the Quantity Supplied