MAC2233 Business Calculus, Section 799 Spring 2018 Carlos Rosado Vega & I 1/17/1
ID: 2889851 • Letter: M
Question
MAC2233 Business Calculus, Section 799 Spring 2018 Carlos Rosado Vega & I 1/17/18 2:41 PM Do Home 0 chand Homework: HW 1.2 Save Score: 0 of 1 pt 8 of 12 (7 complete HW Score: 48.48%, 16 of 33 pts Name Bus Econ 1.2.31 Due Last Worke that the equilibrium price is $4.80 and the demand is 4 barrels when the price is S6 10. Find an equation for the demand function, assuming it is linear Current Scd The demand function is D(q)= Attempts Question Help | * Suppose that the suply fincton for honey is p-s(g)-0 4q+28, where p is the price in dollars for an 8-oz container and q is the quantity in brrels Suppose also (Simplify your answer. Use integers or decimals for any numbers in the expression.) Questio Questio oK This course (MA Copyright 2018Explanation / Answer
We are given that the demand function is linear in nature.
=> Let the demand function be D(q) = aq+b
where a and b are the comstants which we need to find and q represents the quantity in barrels.
We are given the supply function as p = 0.4q + 2.8
Now we are given that the equilibrium price is = $ 4.80
We know that at equilibrium Demand = Supply
=> At equilibrium, p = 4.8
=> 0.4q + 2.8 = 4.8
=> q = 2
Hence at equilibrium q = 2 , p = 4.8 and demand D(q) = 4.5
=> 4.5 = 2a + b ----------> (1)
and we are given when the price, p = $6.10 the demand q is = 4
=> D(q) = aq+b , plug D(q) = 6.1 = 4a + b ---------> (2)
Solv equations (1) and (2)
=> a = 0.8 and b = 2.9.
Hence the demand function is D(q) = 0.8q + 2.9
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.