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You are given a pair of equations, one representing a supply curve and the other a demand curve, where $p$ is the per unit price for $x$ items. In each exercise (a) sketch their graphs on the same set of axes, (b) identify which is the supply and demand curve and the appropriate domain, (c) determine the coordinates of market equilibrium, (d) determine the revenue equation and (e) determine the revenue at market equilibrium.$$-7 p+2 x+7=0, \quad p=\sqrt{16-x}$$

(c) (7,3)(d) $R(x)=x \sqrt{16-x}$(e) 21

Algebra

Chapter 1

Functions and their Applications

Section 6

Economic Functions

Functions

Oregon State University

Baylor University

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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You are given a pair of eq…

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For the demand equations, …

Where $x$ represents the q…

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Market Equilibrium The sup…

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Suppose the demand and sup…

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Market Price. Typical supp…

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In each $D(x)$ is the pric…

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So we want to first find the price or that the function, this is going to be the um supply function right here. 37 X plus one. The supply function that a demand function is Route 16 -1. We know that much of graphics, we can find equilibrium that's going to be at 73. And then we want to determine the revenue function or the revenue equation. So it's going to be, our vex is always equal to X times P of X, where that's the demand function. So we're going to multiply X times or demand function. And we end up getting this And we see that when we reach equilibrium, which is at X Equal seven, we see that the revenue equilibrium, The revenue equilibrium is going to be 21 um as we see right here, so that's going to be our final insult.

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