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vi Math1090 1.6 Assignmer x D www.webassign.net/web/Student/Assignment. Facebook shweta trwari perform 15591771 Welcome to Faceboo D o Settings Clear brows Q Genero. Your newspi no M Yahoo search-Web D other 0Notifications points MacBusAlg2 1.6.005 A marketing research company has polled potential buyers of a new type of MP3 player and found that if the cost of the s35.00 then there should be approximately 7,000,000 buyers nationally and that if the cost of the player is $70.00 then there should be approximately 2,000,000 buyers nationally. The manufacturer of the new player is willing to sell these at a price of $90.00 if 8,000,000 of the players can be sold, but would sell these for $40.00 if only 2,000,000 could be sold. (Let p denote price, and q denote the number of MP3 players.) (a) what is the demand equation? (Hint: Calculate the slope and then use the Point-slope form of a linear equation.) (b) Approximately how many buyers would buy this new player if its price was $50.00? (Round your answer to the nearest integer.) buyers (c) What is the supply equation? (Hint: Calculate the slope and then use the Point-slope form of a linear equation.) (d) what price would the manufacturer request if there were 4,400,000 players available for sale? (Round your answer to the nearest cent (e) What is the equilibrium point for this market based on the research company's data? (Round your answers to the nearest integer.) Interpret the equilibrium point the supplier will supply and the consumer will demand s means that at a price of s SONYExplanation / Answer
Sell ( $90 , 8,000,000) and ( $40 , 2,000,000)
Deamnd equ : slope = ( 8,000,000 - 2,000,000)/(90 - 40) = 120000
q = mp +c ; 8000,000 = 90*120000 + c ; c= -2800000
So, q = 120000p - 2800000
if p = $ 50 find q : q = 120000*50 - 2800000 = 3200000 buyers
Supply equation : ( $35, 7000000) and ( $70, 2000000)
slope = ( 5000000)/-35 = -142857.14
q = mx + c ; q = -142857.14p + c ; 2000000 = -142857.14*70 + c
c = 11999999.8
q = -142857.14p + 11999999.8
q = 4400,000 ; 4400,000 = -142857.14p + 11999999.8
p = $ 53.20
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