Question

Can you help me with this question please? I will reward 20 points for best answer.

Answer 1

Answer:

Demand: q = -50p + 1200

Supply: q = 40p

Step-by-step explanation:

First let's define our variables.

q = quantity of T-shirts

p = price

We know that when p = 12, q = 600.  When p increases by 1, q decreases by 50.  So this is a line with slope -50 that passes through the point (12, 600).  Using point-slope form to write the equation:

q - 600 = -50 (p - 12)

Converting to slope-intercept form:

q - 600 = -50p + 600

q = -50p + 1200

Similarly, we know that when p = 9.75, q = 600 - 210 = 390.  When p increases by 1, q increases by 40.  So this is a line with slope 40 that passes through the point (9.75, 390).  Using point-slope form to write the equation:

q - 390 = 40 (p - 9.75)

Converting to slope-intercept form:

q - 390 = 40p - 390

q = 40p