March 28, 2017

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The quantity demanded each month of Russo Expresso Makers is 250 when the unit price is $136.oo. The quantity demanded each month is 1,2oo when the unit price is $98.00. The suppliers will market 700 espresso makers if the unit price is $58.00 or lower. At a unit price of $74.50, they are willing to make available 2,350 units in the market. Both the demand and supply equations are known to be linear. find the equilibrium quantity and the equilibrium price.

  • Math - ,

    if d(p) and s(p) are the demand and supply functions at price p,

    d(136) = 250
    d(98) = 1200
    d(p) = 3650-25p

    s(58) = 700
    s(74.50) = 2350
    s(p) = 100p - 5100

    d(p) = s(p) when p = 70
    d(70) = s(70) = 1900

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