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Supply and Demand Find the equilibrium price and quantity
Chapter , Problem 49A(choose chapter or problem)
Problem 49A
Supply and Demand Find the equilibrium price and quantity for the diet pills in Exercises 1 and 2.
Exercise 1
Supply For a new diet pill, 60 pills will be supplied at a price of $40, while 100 pills will be supplied at a price of $60. Write a linear supply function for this product.
Exercise 2
Demand The demand for the diet pills in Exercise 1 is 50 pills at a price of $47.50 and 80 pills at a price of $32.50. Determine a linear demand function for these pills.
Questions & Answers
QUESTION:
Problem 49A
Supply and Demand Find the equilibrium price and quantity for the diet pills in Exercises 1 and 2.
Exercise 1
Supply For a new diet pill, 60 pills will be supplied at a price of $40, while 100 pills will be supplied at a price of $60. Write a linear supply function for this product.
Exercise 2
Demand The demand for the diet pills in Exercise 1 is 50 pills at a price of $47.50 and 80 pills at a price of $32.50. Determine a linear demand function for these pills.
ANSWER:
Solution :
Step 1 of 8 :
In this problem, we have to find the linear supply function for the product .