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Question
A company assumes a linear relationship exists between the consumer demand for its product and the price charged, p.When the price of its product was $4 per unit, the weekly quantity demanded was 302 units, and when the unit price was raised to $5, the weekly quantity demanded dropped to 296 units.
A) Write a formula for D, the weekly quantity demanded for the product when the price per unit is p dollars.
B) Suppose also that there is a linear relationship between the quantity supplied S of the product and the unit price. p. Suppose that the weekly quantity supplied is 254 when the price is $5 and that the quantity supplied rises by 8.4 units when the price rises by $1.4. Write a formula for S, the weekly quantity supplied when the price of the product is p dollars.
C) The market clearing price or equilibrium point is the price at which supply equals demand. Find the market clearing price for the product.
Answer
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