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supply and demand using finite math
The quantity demanded of a certain brand of DVD player is 3000/wk when the unit price is $485. For each decrease in unit price of $20 below $485, the quantity demanded increases by 250 units. The suppliers will not market any DVD players if the unit price is $283 or lower. But at a unit price of $508, they are willing to make available 2500 units in the market. The supply equation is also known to be linear.
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... and you're looking for the equilibrium price? If so,
1. Determine your Demand equation and your Supply equation (both as a function of Price). Your last sentence suggests that they're both linear. Here's a freebie: Demand D as a function of Price p: D(p) = -12.5p + 9,062.5 2. The equilibrium price is the unique common solution to both equations. Graphically, it's where the two lines cross (intersect), with the Demand line sloping downwards, and the Supply line with a positive slope. Can you roll with it from here? |
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