5. The quantity demanded of a certain brand of TV is 3000 per week when the unit price is $485. For each decrease in unit price of $20 below $485, the quantity demanded increases by 250 units. The suppliers will not market any TVs if the unit price is $300 or lower. But at a unit price of $525, they are willing to make available 2500 units in the market. Find (a) the demand function, (b) the supply function, (c) the equilibrium quantity and price.

5. The quantity demanded of a certain brand of TV is 3000 per week when the unit price is $485. For each decrease in unit price of $20 below $485, the quantity demanded increases by 250 units. The suppliers will not market any TVs if the unit price is $300 or lower. But at a unit price of $525, they are willing to make available 2500 units in the market. Find (a) the demand function, (b) the supply function, (c) the equilibrium quantity and price.

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter5: Price Elasticity Of Demand And Supply

Section5.3: Determinants Of Price Elasticity Of Demand

Problem 1YTE: According to the previous discussion, what factors influence the price elasticity of demand for...

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