Answer:
(275,122)
When the price will be $275, the quantity will be 122 televisions.
Step-by-step explanation:
We have been given that a group of retailers will buy 104 televisions from a wholesaler if the price is $300 and 144 if the price is $250.
As the quantity of televisions depends on price of televisions, so our demand curve will pass through points (300,104) and (250,144).
Let us find slope of demand line using slope formula.
, where,
,
,
Upon substituting coordinates of our given points in slope formula we will get,
Let us substitute coordinates of point (250,144) in slope intercept form of equation (
).
Upon substituting and
we will get equation of our demand line as:
Similarly we will find the equation of supply line using points (225,88) and (315,168).
Let us substitute and coordinates of point (225,88) in slope intercept form of equation (
).
Upon substituting and
we will get equation of our supply line as:
Let us equate both lines to find the point where both lines intersect.
Let us have a common denominator.
Let us substitute x=275 in any of our equation to solve for y.
Therefore, the equilibrium point for the market will be (275,122).