A company supplies a product according to the pricing function, p(x)=0.79x+47px=0.79x+47. The retailer has determined the demand of the product follows the pricing function, p(x)=−0.04x+802px=−0.04x+802. a. At a production level of 4,300 items, what price should be set according to the supply function? $ b. At a production level of 4,300 items, what price should be set according to the demand function? $ c. Find the equilibrium price and quantity. (Round to the nearest item if necessary, round to the nearest cent for price) x = items y = $
A company supplies a product according to the pricing function, p(x)=0.79x+47px=0.79x+47. The retailer has determined the demand of the product follows the pricing function, p(x)=−0.04x+802px=−0.04x+802. a. At a production level of 4,300 items, what price should be set according to the supply function? $ b. At a production level of 4,300 items, what price should be set according to the demand function? $ c. Find the equilibrium price and quantity. (Round to the nearest item if necessary, round to the nearest cent for price) x = items y = $
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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A company supplies a product according to the pricing function, p(x)=0.79x+47px=0.79x+47. The retailer has determined the demand of the product follows the pricing function, p(x)=−0.04x+802px=−0.04x+802.
a. At a production level of 4,300 items, what price should be set according to the supply function?
$
b. At a production level of 4,300 items, what price should be set according to the demand function?
$
c. Find the equilibrium price and quantity. (Round to the nearest item if necessary, round to the nearest cent for price)
x = items
y = $
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