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Calculus / Calculus with Applications 10 / Chapter 1.R / Problem 46A

Calculus with Applications | 10th Edition | ISBN: 9780321749000 | Authors: Margaret L. Lial, Raymond N. Greenwell, Nathan P. Ritchey

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Supply and Demand The supply and demand for crabmeat in a

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QUESTION:

Supply and Demand The supply and demand for crabmeat in a local fish store are related by the equationsSupply:p = S(q) = 6q + 3andDemand:p = D (q) = 19 ? 2q,where p represents the price in dollars per pound and q represents the quantity of crabmeat in pounds per day. Find the quantity supplied and demanded at each of the following prices.a. $10________________b. $15________________c. $18________________d. Graph both the supply and the demand functions on the same axes.________________e. Find the equilibrium price.________________f. Find the equilibrium quantity.

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QUESTION:

Supply and Demand The supply and demand for crabmeat in a local fish store are related by the equationsSupply:p = S(q) = 6q + 3andDemand:p = D (q) = 19 ? 2q,where p represents the price in dollars per pound and q represents the quantity of crabmeat in pounds per day. Find the quantity supplied and demanded at each of the following prices.a. $10________________b. $15________________c. $18________________d. Graph both the supply and the demand functions on the same axes.________________e. Find the equilibrium price.________________f. Find the equilibrium quantity.

ANSWER:

Solution :Step 1 :In this problem, we have to find quantity supplied and demanded at the following prices then sketch the graph of the supply and the demand functions and find equilibrium price and equilibrium quantity .

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