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Julli [10]
3 years ago
13

The quantity demanded x each month of Russo Espresso Makers is 250 when the unit price p is $138. The quantity demanded each mon

th is 1000 when the unit price is $108. The suppliers will market 700 espresso makers when the unit price is $72. At a unit price of $102, they are willing to market 2200 units. Both the supply and demand equations are known to be linear.
(a) Find the demand equation.
p =



(b) Find the supply equation.
p =



(c) Find the equilibrium quantity and the equilibrium price.

units
$
Mathematics
1 answer:
Stells [14]3 years ago
8 0

Answer:

(a)D(q)=\frac{-1}{25} q+148

(b)S(q)=\frac{1}{50}q+58

(c)p_{*} =88\\\\q_{*} =1500

Step-by-step explanation:

(a) For the demand equation D(q) we have

<em>P1: 138 Q1: 250</em>

<em>P2: 108 Q2: 1000</em>

We can find <u><em>m</em></u>, which is the slope of the demand equation,

m=\frac{p_{2} -p_{1} }{q_{2} -q_{1} }=\frac{108-38}{1000-250} =\frac{-30}{750}=\frac{-1}{25}

and then we find b, which is the point where the curve intersects the y axis.

We can do it by plugging one point and the slope into the line equation form:

y=mx+b\\\\D(q)=mq+b\\\\138=\frac{-1}{25}(250) +b\\\\138=-10+b\\\\138+10=b=148

<em>With b: 148 and m: -1/25 we can write our demand equation D(q)</em>

D(q)=\frac{-1}{25} q+148

(b) to find the supply equation S(q) we have

<em>P1: 102 Q1: 2200</em>

<em>P2: 102 Q2: 700</em>

<em></em>

Similarly we find <em>m</em>, and <em>b</em>

m=\frac{p_{2} -p_{1} }{q_{2} -q_{1} }=\frac{72-102}{700-2200} =\frac{-30}{-1500}=\frac{1}{50}

y=mx+b\\\\D(q)=mq+b\\\\72=\frac{1}{50}(700) +b\\\\72=14+b\\\\72-14=b=58\\

<em>And we can write our Supply equation S(q):</em>

S(q)=\frac{1}{50}q+58

(c) Now we may find the equilibrium quantity q* and the equilibrium price p* by writing <em>D(q)=S(q)</em>, which means the demand <u><em>equals</em></u> the supply in equilibrium:

D(q)=S(q)\\\\\frac{-1}{25}q+148=\frac{1}{50}q+58\\\\

148-58=\frac{1q}{50} +\frac{1q}{25} \\\\90= \frac{1q}{50} +\frac{2q}{50}\\\\90=\frac{3q}{50}\\ \\q=1500\\\\

We plug 1500 as q into any equation, in this case S(q) and we get:

S(q)=\frac{1}{50}q+58\\\\S(1500)=\frac{1}{50}(1500)+58\\\\S(1500)=30+58\\\\S(1500)=88

Which is the equilibrium price p*.

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