expand icon
book College Algebra in Context with Applications for the Managerial, Life, and Social Sciences 3rd Edition by Ronald J Harshbarger, Lisa Yocco cover

College Algebra in Context with Applications for the Managerial, Life, and Social Sciences 3rd Edition by Ronald J Harshbarger, Lisa Yocco

Edition 3ISBN: 032157060X
book College Algebra in Context with Applications for the Managerial, Life, and Social Sciences 3rd Edition by Ronald J Harshbarger, Lisa Yocco cover

College Algebra in Context with Applications for the Managerial, Life, and Social Sciences 3rd Edition by Ronald J Harshbarger, Lisa Yocco

Edition 3ISBN: 032157060X
Exercise 60
Step-by-step solution
Verified
like image
like image

Step 1 of 4

Consider that the supply function and the demand function for a product are linear and are determined by the table that follows.

Supply Price

Function Quantity

Demand Price

Function Quantity

200

400

400

400

400

800

200

800

600

1200

0

1200

Let us create the supply and demand function and find the price that gives the market equilibrium.

First we create the supply function.

For this, enter the data of supply price and function quantity from the above table in the lists of a graphing utility.

The figure below shows a partial list of the data points.

    <div class=answer> Consider that the supply function and the demand function for a product are linear and are determined by the table that follows. <table style=border-collapse:collapse; border=1>     <tbody>      <tr>       <td> Supply Price </td>       <td> Function Quantity </td>       <td> Demand Price </td>       <td> Function Quantity </td>      </tr>      <tr>       <td> 200 </td>       <td> 400 </td>       <td> 400 </td>       <td> 400 </td>      </tr>      <tr>       <td> 400 </td>       <td> 800 </td>       <td> 200 </td>       <td> 800 </td>      </tr>      <tr>       <td> 600 </td>       <td> 1200 </td>       <td> 0 </td>       <td> 1200 </td>      </tr>     </tbody>    </table> Let us create the supply and demand function and find the price that gives the market equilibrium. First we create the supply function. For this, enter the data of supply price and function quantity from the above table in the lists of a graphing utility. The figure below shows a partial list of the data points.   The supply function, found using linear regression with a graphing calculator.   The linear equation with supply price <i>p</i> as a function of the quantity supplied <i>q</i> is   Thus, the supply function is   .

The supply function, found using linear regression with a graphing calculator.

    <div class=answer> Consider that the supply function and the demand function for a product are linear and are determined by the table that follows. <table style=border-collapse:collapse; border=1>     <tbody>      <tr>       <td> Supply Price </td>       <td> Function Quantity </td>       <td> Demand Price </td>       <td> Function Quantity </td>      </tr>      <tr>       <td> 200 </td>       <td> 400 </td>       <td> 400 </td>       <td> 400 </td>      </tr>      <tr>       <td> 400 </td>       <td> 800 </td>       <td> 200 </td>       <td> 800 </td>      </tr>      <tr>       <td> 600 </td>       <td> 1200 </td>       <td> 0 </td>       <td> 1200 </td>      </tr>     </tbody>    </table> Let us create the supply and demand function and find the price that gives the market equilibrium. First we create the supply function. For this, enter the data of supply price and function quantity from the above table in the lists of a graphing utility. The figure below shows a partial list of the data points.   The supply function, found using linear regression with a graphing calculator.   The linear equation with supply price <i>p</i> as a function of the quantity supplied <i>q</i> is   Thus, the supply function is   .

The linear equation with supply price p as a function of the quantity supplied q is     <div class=answer> Consider that the supply function and the demand function for a product are linear and are determined by the table that follows. <table style=border-collapse:collapse; border=1>     <tbody>      <tr>       <td> Supply Price </td>       <td> Function Quantity </td>       <td> Demand Price </td>       <td> Function Quantity </td>      </tr>      <tr>       <td> 200 </td>       <td> 400 </td>       <td> 400 </td>       <td> 400 </td>      </tr>      <tr>       <td> 400 </td>       <td> 800 </td>       <td> 200 </td>       <td> 800 </td>      </tr>      <tr>       <td> 600 </td>       <td> 1200 </td>       <td> 0 </td>       <td> 1200 </td>      </tr>     </tbody>    </table> Let us create the supply and demand function and find the price that gives the market equilibrium. First we create the supply function. For this, enter the data of supply price and function quantity from the above table in the lists of a graphing utility. The figure below shows a partial list of the data points.   The supply function, found using linear regression with a graphing calculator.   The linear equation with supply price <i>p</i> as a function of the quantity supplied <i>q</i> is   Thus, the supply function is   . Thus, the supply function is    <div class=answer> Consider that the supply function and the demand function for a product are linear and are determined by the table that follows. <table style=border-collapse:collapse; border=1>     <tbody>      <tr>       <td> Supply Price </td>       <td> Function Quantity </td>       <td> Demand Price </td>       <td> Function Quantity </td>      </tr>      <tr>       <td> 200 </td>       <td> 400 </td>       <td> 400 </td>       <td> 400 </td>      </tr>      <tr>       <td> 400 </td>       <td> 800 </td>       <td> 200 </td>       <td> 800 </td>      </tr>      <tr>       <td> 600 </td>       <td> 1200 </td>       <td> 0 </td>       <td> 1200 </td>      </tr>     </tbody>    </table> Let us create the supply and demand function and find the price that gives the market equilibrium. First we create the supply function. For this, enter the data of supply price and function quantity from the above table in the lists of a graphing utility. The figure below shows a partial list of the data points.   The supply function, found using linear regression with a graphing calculator.   The linear equation with supply price <i>p</i> as a function of the quantity supplied <i>q</i> is   Thus, the supply function is   . .


Step 2 of 4


Step 3 of 4


Step 4 of 4

close menu
College Algebra in Context with Applications for the Managerial, Life, and Social Sciences 3rd Edition by Ronald J Harshbarger, Lisa Yocco
cross icon