A group of retailers will buy 88 televisions from a wholesaler if the price is $300 and 128 if the price is $250. The wholesaler is willing to supply 72 if the price is $225 and 152 if the price is $315. Assuming the resulting supply and demand functions are linear, find the supply equation, the demand equation, and the equilibrium point for the market.

A group of retailers will buy 88 televisions from a wholesaler if the price is $300 and 128 if the price is $250. The wholesaler is willing to supply 72 if the price is $225 and 152 if the price is $315. Assuming the resulting supply and demand functions are linear, find the supply equation, the demand equation, and the equilibrium point for the market.

Survey of Economics (MindTap Course List)

9th Edition

ISBN:9781305260948

Author:Irvin B. Tucker

Publisher:Irvin B. Tucker

Chapter4: Markets In Action

Section: Chapter Questions

Problem 18SQ

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