The quantity demanded x of a certain brand of DVD player is 3000/week when the unit price p is $485. For each decrease in unit price of $20 below $485, the quantity demanded increases by 500 units. The suppliers will not market any DVD players if the unit price is $350 or lower. But at a unit price of $525, they are willing to make available 2000 units in the market. The supply equation is also known to be linear. Find the demand equation and supply equation using p(x)=. Find the equilibrium quantity and the equilibrium price.

Grayson Pierce 2022-07-28 Answered
The quantity demanded x of a certain brand of DVD player is 3000/week when the unit price p is $485. For each decrease in unit price of $20 below $485, the quantity demanded increases by 500 units. The suppliers will not market any DVD players if the unit price is $350 or lower. But at a unit price of $525, they are willing to make available 2000 units in the market. The supply equation is also known to be linear. Find the demand equation and supply equation using p(x)=. Find the equilibrium quantity and the equilibrium price.
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Answers (1)

Bianca Chung
Answered 2022-07-29 Author has 16 answers
$3000 per week, you probably mean 3000 units per week
p(x) = 3000 + 500(485-x)/20
p(x) = (80x -28000)/7
25x+y=15125; -80x+7y=-28000;
substitute/eliminate x = -1/25y+605
substitute/eliminate y = +2000
Solution: x = 525; y = 2000;
(x, y) = (525, 2000)
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