Application Question:
1 answer:
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Given:
The equation is .
To find:
The scenario that uses the given equation.
Solution:
If p is the price of a good. Initial supply of goods at price 0 is 10 and supply increasing by 7 units if the price increased by 1 unit, then at what price the supply will be 24 units.
According to this scenario,
Total supply = 10+7p
Equate total supply with 24, to find the price at which the supply will be 24 units.
Therefore, the required scenario is "If p is the price of a good. Initial supply of goods at price 0 is 10 and supply increasing by 7 units if the price increased by 1 unit, then at what price the supply will be 24 units."