Also how to add in excel 2.1 Exercises 87 ly 78. The demand equation for toaster

Question

Also how to add in excel 2.1 Exercises 87 ly 78. The demand equation for toasters is,--h+ 160, and the supply equation is p = 4x + 75. Estimate the equilibrium quantity and price. 79. The demand equation for a small TV is p =-2x + 180, and the supply equation is px + 99, (a) Draw graphs of the supply and demand equations. (b) Is there a shortage or a surplus when the price is $110? How much? (c) Is there a shortage or a surplus when the price is $135? How much? 80. The demand equation for a computer desk is p =-4x + 240, and the supply equation is p=2x+60. (a) Graph the supply and demand lines. (b) Find the equilibrium quantity and price. (c) Find the price at which the buyer stops buying. (d) Find the price at which the supplier stops supplying. $100? How much? $130? How much? te (e) Is there a shortage or surplus when the price is (t Is there a shortage or surplus when the price is In Exercises 81 through 84, graph both lines on the

Explanation / Answer

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Demand, p - -7x + 160

Supply, p = 4x+75

At equilibrium, Demand = Supply. So,

-7x+160 = 4x+75

85 = 11x

x = 85/11 , where x is quantity

Equlilbrium price = 4x+75 = 4*85/11 + 75 = $105.909

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