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Solved: Supply and Demand Suppose that the supply function
Chapter 1, Problem 32A(choose chapter or problem)
Problem 32A
Supply and Demand Suppose that the supply function for walnuts is p = S(q) = 0.25q + 3.6, where p is the price in dollars per pound and q is the quantity in bushels. Suppose also that the equilibrium price is $5.85, and the demand is 4 bushels when the price is $7.60. Find an equation for the demand function, assuming it is linear.
Questions & Answers
QUESTION:
Problem 32A
Supply and Demand Suppose that the supply function for walnuts is p = S(q) = 0.25q + 3.6, where p is the price in dollars per pound and q is the quantity in bushels. Suppose also that the equilibrium price is $5.85, and the demand is 4 bushels when the price is $7.60. Find an equation for the demand function, assuming it is linear.
ANSWER:
Solution:-
Step 1 of 3
Given that
We have to find an equation for the demand function, assuming it is linear.