The quantity demanded x each month of Russo Espresso Makers is 250 when the unit price p is $180; the quantity demanded each month is 1000 when the unit price is $150. The suppliers will market 750 espresso makers if the unit price is $80. At a unit price of $90, they are willing to market 1500 units. Both the demand and supply equations are known to be linear.
(a) Find the demand equation.
p = _________
(b) Find the supply equation.
p = _______
(c) Find the equilibrium quantity and the equilibrium price.
equilibrium quantity _______ units
equilibrium price $ _____
2 answers