Question

At a price of $11.1 per pound, the supply of beef ribeye is 358 thousand pounds and the demand is 408 thousand pounds. At a price of $12.57, the supply of beef ribeye is 418 thousand pounds and the demand is 348 thousand pounds. Parts (c) and (d) require exact answers. You are encouraged to use exact answers in parts (a) and (b) to help with parts (c) and (d). (a) Find a price-supply equation, where $x$ is the quantity in thousands of pounds. Since one side of the equation has already been provided, you may provide your answer below is a constant times $x$ plus a constant, or any algebraically equivalent expression. $p = $ (b) Find a price-demand equation, where $x$ is the quantity in thousands of pounds. $p = $ (c) What is the equilibrium quantity? thousand pounds (d) What is the equilibrium price? dollars per pound

          At a price of $11.1 per pound, the supply of beef ribeye is 358 thousand pounds and the demand is 408 thousand pounds. At a price of $12.57, the supply of beef ribeye is 418 thousand pounds and the demand is 348 thousand pounds.
Parts (c) and (d) require exact answers. You are encouraged to use exact answers in parts (a) and (b) to help with parts (c) and (d).
(a) Find a price-supply equation, where $x$ is the quantity in thousands of pounds. Since one side of the equation has already been provided, you may provide your answer below is a constant times $x$ plus a constant, or any algebraically equivalent expression.
$p = $
(b) Find a price-demand equation, where $x$ is the quantity in thousands of pounds.
$p = $
(c) What is the equilibrium quantity?
 thousand pounds
(d) What is the equilibrium price?
 dollars per pound

At a price of 11.1 per pound, the supply of beef ribeye is 358 thousand pounds and the demand is 408 thousand pounds. At a price of12.57, the supply of beef ribeye is 418 thousand pounds and the demand is 348 thousand pounds.
Parts (c) and (d) require exact answers. You are encouraged to use exact answers in parts (a) and (b) to help with parts (c) and (d).
(a) Find a price-supply equation, where x is the quantity in thousands of pounds. Since one side of the equation has already been provided, you may provide your answer below is a constant times x plus a constant, or any algebraically equivalent expression.
p =
(b) Find a price-demand equation, where x is the quantity in thousands of pounds.
p =
(c) What is the equilibrium quantity?
thousand pounds
(d) What is the equilibrium price?
dollars per pound

Added by Christopher C.

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