5. Suppose the probability distribution for X = number of jobs held during the past year for work
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Answer:
The required equilibrium point is (356.538,58.769)
Step-by-step explanation:
The two points on your demand equation are : (300,104) and (250,144)
Take the number of televisions on y-axis and the price of the television on x-axis
Now, to find the demand equation for the given problem, find slope using the above two points :
And the y - intercept is : y = -0.8x + b
Find the value of b using any point. Let us take (250,144)
144 = -0.8 × 250 + b
⇒ b = 144 + 200
⇒ b = 344
So, the y-intercept is : y = -0.8x + 344
The two points on your supply equation are : (225,88) and (315,68)
Take the number of televisions on y-axis and the price of the television on x-axis
Now, to find the supply equation for the given problem, find slope using the above two points :
And the y - intercept is :
Find the value of b using any point. Let us take (225,88)
So, the y-intercept is :
To find the equilibrium point, solve both the y-intercepts of the demand equation and the supply equation :
⇒ x = 356.538 and y = 58.769
Hence, the required equilibrium point is (356.538,58.769)