a. Explanation Given: Table showing supply and demand for packages of cookies: Price of a package of cookies Quantity demanded (in millions of packages) per week Quantity supplied (in million packages) per week $0.75 150 70 $1.00 130 90 $1.50 90 130 $1.75 70 150 The system of equations: The demand model p = − 0.0125 x + 2.625 . Here p represents the price per package in dollars and x represents the number of packages demanded in millions. This supply model p = 0.0125 x − 0.125 . Here p represents the price per package in dollars and x represents the number of packages supplied in millions. Concepts Used: The price at which supply and demand become equal is known as the equilibrium price. The quantity supplied and demanded at that price is known as the equilibrium quantity. The equilibrium condition is a solution of system of equations representing the demand model and supply model. Calculations: The given system of equations is a pair of linear equations in two variables. p = − 0.0125 x + 2.625 p = 0.0125 x − 0.125 Substitute the value p = − 0 b. To determine To fill in the blanks: Of the given statement using the results of previous part.

7th Edition

ISBN: 9780136922179

Author: Blitzer

Publisher: RENT PEARS

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Chapter 8.1, Problem 66E

To determine

To State:

The equilibrium quantity and equilibrium price for a package of cookies by solving the given system of equations that model the demand and supply of the said commodity.

To determine

To fill in the blanks:

Of the given statement using the results of previous part.

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Chapter 8.1, Problem 65E

Chapter 8.1, Problem 67E

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Chapter 8 Solutions

ALGEBRA+TRIGONOMETRY

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To State: The equilibrium quantity and equilibrium price for a package of cookies by solving the given system of equations that model the demand and supply of the said commodity.

To State: The equilibrium quantity and equilibrium price for a package of cookies by solving the given system of equations that model the demand and supply of the said commodity.

To fill in the blanks: Of the given statement using the results of previous part.

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Chapter 8 Solutions

To State:

The equilibrium quantity and equilibrium price for a package of cookies by solving the given system of equations that model the demand and supply of the said commodity.

To fill in the blanks:

Of the given statement using the results of previous part.