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
Let:
x = cost of senior citizen ticket
y = cost of student ticket
4x + 5y = 102
7x + 5y = 126
4x + 5y = 102
4x = 102 - 5y
x = (102 - 5y)/4
x = 102/4 - 5y/4
7x + 5y = 126
7(102/4 - 5y/4) + 5y = 126
(714/4 - 35y/4) + 5y = 126
-35y/4 + 5y = 126 - 714/4
note:
-35y/4 = -8.75y
714/4 = 178.5
-8.75y + 5y = 126 - 178.5
-3.75y = -52.5
y = -52.5/-3.75
y = 14
x = 102/4 - 5y/4
x = 102/4 - 5(14)/4
x = 8
x = cost of senior citizen ticket = $8/ea
y = cost of student ticket = $14/ea
Answer:
Step-by-step explanation:
