The supply and demand equations for a particular bicycle

Chapter 3, Problem 3.2.13

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The supply and demand equations for a particular bicycle model relate price per bicycle, p (in dollars) and q, the number of units (in thousands). The two equations are p 5 250 1 40q Supply p 5 510 2 25q Demand a. Sketch both equations on the same graph. On your graph identify the supply equation and the demand equation. b. Find the equilibrium point and interpret its meaning.

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