The table below gives the quantity of fancy widgetsdemanded and the quantity supplied for selected prices.(a) Find the linear equation that gives the price as afunction of the quantity demanded.(b) Find the linear equation that gives the price as afunction of the quantity supplied.(c) Use these equations to find the market equilibriumprice.PriceQuantity($) Demanded (thousands) Supplied (thousands)40506070100Quantity2702502302101500160320480960C(a) What is the price as a function of thequantity demanded?p=0(Type an expression using q as the variable. Typeyour answer in slope-intercept form.)(b) What is the price as a function of thequantity supplied?p=(Type an expression using q as the variable. Typeyour answer in slope-intercept form.)(c) What is the market equilibrium price?

The amount of a specific commodity or service that customers are willing to pay to buy at a specific…

(a) Find the linear equation that gives the price as a function of the quantity demanded. (b) Find the linear equation that gives the price as a function of the quantity supplied. (c) Use these equations to find the market equilibrium price.

(a) Find the linear equation that gives the price as a function of the quantity demanded. (b) Find the linear equation that gives the price as a function of the quantity supplied. (c) Use these equations to find the market equilibrium price.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter20: Elasticity: Demand And Supply

Section: Chapter Questions

Problem 2E: Plot the price and quantity data given in the demand schedule of exercise 1. Put price on the...

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Question

The table below gives the quantity of fancy widgets
demanded and the quantity supplied for selected prices.
(a) Find the linear equation that gives the price as a
function of the quantity demanded.
(b) Find the linear equation that gives the price as a
function of the quantity supplied.
(c) Use these equations to find the market equilibrium
price.
Price
Quantity
($) Demanded (thousands) Supplied (thousands)
40
50
60
70
100
Quantity
270
250
230
210
150
0
160
320
480
960
C
(a) What is the price as a function of the
quantity demanded?
p=0
(Type an expression using q as the variable. Type
your answer in slope-intercept form.)
(b) What is the price as a function of the
quantity supplied?
p=
(Type an expression using q as the variable. Type
your answer in slope-intercept form.)
(c) What is the market equilibrium price?

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