The demand equation for the Drake GPS Navigator is x + 4p − 482 = 0, where x is the quantity demanded per week and p is the wholesale unit price in dollars. The supply equation x − 15p + 1000 = 0, where x is the quantity the supplier will make available in the market each week when the wholesale price is p dollars each. Find the equilibrium quantity and the equilibrium price for the GPS Navigators.

The demand equation for the Drake GPS Navigator is x + 4p − 482 = 0, where x is the quantity demanded per week and p is the wholesale unit price in dollars. The supply equation x − 15p + 1000 = 0, where x is the quantity the supplier will make available in the market each week when the wholesale price is p dollars each. Find the equilibrium quantity and the equilibrium price for the GPS Navigators.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter1: Expressions And Functions

Section1.8: Interpreting Graphs Of Functions

Problem 4CYU

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Question

The demand equation for the Drake GPS Navigator is

x + 4p − 482 = 0,

where x is the quantity demanded per week and p is the wholesale unit price in dollars. The supply equation

x − 15p + 1000 = 0,

where x is the quantity the supplier will make available in the market each week when the wholesale price is p dollars each. Find the equilibrium quantity and the equilibrium price for the GPS Navigators.

Expert Solution