Mathematics - Algebra - Applications of Linear Equations
Not what you're looking for?
Supply and demand at $1.40 per bushel, the daily supply for oats is 850 bushels, and the daily demand is 580 bushels. When the price falls to $1.20 per bushel, the daily supply decreases to 350 bushels and the daily demand increases to 980 bushels. Assume that the supply and demand equations are linear.
Find the supply equation, find the demand equation and find the equilibrium price and quantity.
Purchase this Solution
Solution Summary
A Complete, Neat and Step-by-step Solution is provided.
Solution Preview
Let the supply equation be q = mp + b. Then, by data, we have,
850 = 1.4m + b (1) and
350 = 1.2m + b (2).
(1) ?(2) gives, 500 = 0.2m, ...
Purchase this Solution
Free BrainMass Quizzes
Exponential Expressions
In this quiz, you will have a chance to practice basic terminology of exponential expressions and how to evaluate them.
Probability Quiz
Some questions on probability
Graphs and Functions
This quiz helps you easily identify a function and test your understanding of ranges, domains , function inverses and transformations.
Know Your Linear Equations
Each question is a choice-summary multiple choice question that will present you with a linear equation and then make 4 statements about that equation. You must determine which of the 4 statements are true (if any) in regards to the equation.
Multiplying Complex Numbers
This is a short quiz to check your understanding of multiplication of complex numbers in rectangular form.