Download the App!

Get 24/7 study help with the Numerade app for iOS and Android! Enter your email for an invite.

Get the answer to your homework problem.

Try Numerade free for 7 days

Like

Report

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.$$2 p+x-300=0, \quad 8 p-x-200=0$$

(c) (200,50)(d) $R(x)=-1 / 2 x^{2}+150 x$(e) 10,000

Algebra

Chapter 1

Functions and their Applications

Section 6

Economic Functions

Functions

Oregon State University

McMaster University

Harvey Mudd College

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).

03:18

01:09

You are given a pair of eq…

01:06

01:05

You are given a pair of su…

01:04

01:08

(A) Using the price-demand…

So for this problem were given a pair of equations, someone representing a supply curve and the other the demand curve. So we want to sketch the graphs identify which one is supply and which one is demand, determine the coordinates of market equilibrium and determining the revenue equation, um and the revenue and market equilibrium. So a lot to do here, but it's important that we just start off by solving for P in both cases, so we'll have P equals negative X over two, um plus 1 50 this one is decreasing. We know this is going to be the demand function, and then we'll have um X over eight, P equals X over eight. Um Class 200 over eight. And with these right here we can find equilibrium. We can solve everything, but we know that equilibrium will be 250.

View More Answers From This Book

Find Another Textbook

01:58

Use the zeros, vertical and horizontal asymptotes along with the sign of the…

02:21

Find the slope of the line passing through each pair of points.$$(1 / 2,…

01:03

Determine the vertical asymptote(s) if one exists.$$f(x)=\frac{\sqrt{x}}…

02:13

In each of the following, solve the given quadratic equation exactly using t…

00:51

Find $f^{\prime}(x)$.$$f(x)=2 x^{2}-7 x+9$$.

02:01

Determine if the function defined by the given equation is odd, even or neit…

02:44

(a) Draw the graph of the parabola. (b) From your graph, estimate the $x$ -i…

If the legs of an isosceles right triangle are each 12 inches, how long, to …

03:22

Determine whether the given equations is a circle, a point, or a contradicti…