Suppose a certain outlet chain selling appliances has found that for one brand of
stereo system, the monthly demand is 240 when the price is $900. However, when
the price is $850, the monthly demand is 315. Assuming that the demand function
for this system is linear, write the equation for the demand function. Use p for
price and q for quantity. Find equilibrium point as well.

Question

02-11-2022
Mathematics

Answered

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Suppose a certain outlet chain selling appliances has found that for one brand of
stereo system, the monthly demand is 240 when the price is $900. However, when
the price is $850, the monthly demand is 315. Assuming that the demand function
for this system is linear, write the equation for the demand function. Use p for
price and q for quantity. Find equilibrium point as well.

Sagot :

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