Math Problem [Supply and Demand]

[Feren Silver]

Solved, thanks.

 

[trivestibular]

Im not sure if this is supposed to be more difficult then what I believe it is, so im kind of guesssing but

3.
a)
P1(2090)=650
P2(5340)=830

Point 1 (2090,650)
Point 2 (5340, 830)

P(x)=slope x snowblowers + b

slope= y2-y1/x2-x1
=830-650/5340-2090
=-18

P(x)=-18x +b

650=-18x(2090) +b
b= 36970

p(x)=-18x + 36970

b) 740=-18x + 36970
x=36230/18
=2013 units

c)this is where i realize i dont know what im doing because the price could be 16 dollars if they sell 2053 ( roughly when P(x)=0 rounded to a whole number that doesnt result in snow blowers that cause the company to pay YOU)

 

[Feren Silver]

Im not sure if this is supposed to be more difficult then what I believe it is, so im kind of guesssing but

3.
a)
P1(2090)=650
P2(5340)=830

Point 1 (2090,650)
Point 2 (5340, 830)

P(x)=slope x snowblowers + b

slope= y2-y1/x2-x1
=830-650/5340-2090
=-18

P(x)=-18x +b

650=-18x(2090) +b
b= 36970

p(x)=-18x + 36970

b) 740=-18x + 36970
x=36230/18
=2013 units

c)this is where i realize i dont know what im doing because the price could be 16 dollars if they sell 2053 ( roughly when P(x)=0 rounded to a whole number that doesnt result in snow blowers that cause the company to pay YOU)

I just tried these answers (I also came up with the first two answers). However, they are both wrong. :huh: I'll have to check with my teacher and see where I am messing it up.

 

[Koot]

You were doing it right but you somehow got -18 which skewed the answer. If you look at the 2 points, one is to the upper right of the other so its a positive slope.

So:

p(x) = (18/325)x + b
b = 534.2462

Then part b is simply plugging something in.

For C I assume since its a linear equation, the lowest price they can possibly MARKET it is when there's only 1 unit. So plug in 1 for x.



For question 2, its like the first part for question 3.

For question 1, I'm not entirely sure what's going on. Never actually went into depth on this supply and demand stuff.

 

[Feren Silver]

Solved.

 

[Koot]

Alright, so you know the first point is (2,22) so using the supply equation. When p=6 demand is 4.7. So second point is (6,4.7).

So using the two points, you use the slope formula to find slope then y=mx+b to find the y intercept and that's your equation.

 

[harryownz]

Need help in the future ? dont hesitate to ask: [email protected] !!!

 

[shelnaz2]

isnt this question more related to economics than math? anyway the solution was correct