Concept explainers
To Graph: the supply and demand equations and find the market equilibrium.
Answer to Problem 56E
The graph formed is
The equilibrium point is
Explanation of Solution
Given information:
The supply and demand curves for a business dealing with wheat are
Supply equation:
Demand equation is
Where p is the price (in dollars) per bushel and x is the quantity in bushels per day.
Calculation:
For
Plot the points and join them
For
Plot the points and join them
Since these equations are already solved for one particular variable, we can go ahead and put them into our graphing utility.
From the graph Equilibrium point is
Chapter 7 Solutions
EBK PRECALCULUS W/LIMITS
- Calculus: Early TranscendentalsCalculusISBN:9781285741550Author:James StewartPublisher:Cengage LearningThomas' Calculus (14th Edition)CalculusISBN:9780134438986Author:Joel R. Hass, Christopher E. Heil, Maurice D. WeirPublisher:PEARSONCalculus: Early Transcendentals (3rd Edition)CalculusISBN:9780134763644Author:William L. Briggs, Lyle Cochran, Bernard Gillett, Eric SchulzPublisher:PEARSON
- Calculus: Early TranscendentalsCalculusISBN:9781319050740Author:Jon Rogawski, Colin Adams, Robert FranzosaPublisher:W. H. FreemanCalculus: Early Transcendental FunctionsCalculusISBN:9781337552516Author:Ron Larson, Bruce H. EdwardsPublisher:Cengage Learning