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(a) Determine if the given equation is a supply or demand equation. For a supply equation, find the minimum price for which there will be any supply. For a demand equation, find the maximum possible demand and the maximum price that can be charged. (b) Plot the graph of the given equation.$$2 p-3 x=16$$

(a) Supply, $p=8$

Algebra

Chapter 1

Functions and their Applications

Section 6

Economic Functions

Functions

Missouri State University

McMaster University

University of Michigan - Ann Arbor

Lectures

01:43

In mathematics, a function is a relation between a set of inputs and a set of permissible outputs with the property that each input is related to exactly one output. An example is the function that relates each real number x to its square x^2. The output of a function f corresponding to an input x is denoted by f(x).

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heavy question to P minus three X equal to 16. You can write this equation p being the price XP in quantity can write the equation as two p equals three X plus 16 or P equal three have X plus eight. Okay, so this is a supply equation. Mhm question. And then if you put the X equal to zero, you get P equal to eight. Okay. And if you put X p equal to zero, you get eked. You get quantity to B minus. Yeah, 16/3, which doesn't make any Yeah, economic sense. So the graph is gonna be this thing's existence. P this is that point off p eight X equal to zero and you have a equation. The other point on this line is which is not a a realistic point, but nonetheless is minus 16. This is eight. This is minus 16 or three. So it's sleeping like here, but this line. So this is not really But after that, this is your supply line On the positive side of the extra negative side of the extensive make any sense. So that's your light

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