Business and Economics
Supply and Demand Suppose that the demand and price for a certain model of a youth wristwatch are related by
p = D(q) = 16 - 1.25q,
where p is the price (in dollars) and q is the quantity demanded (in hundreds). Find the price at each level of demand.
(a) 0 watches (b) 400 watches (c) 800 watches
Find the quantity demanded for the watch at each price.
(d) $8 (e) $10
(f) $12 (g) Graph p = 16 - 1.25q.
Suppose the price and supply of the watch are related by
p = S(q) = 0.75q,
where p is the price (in dollars) and q is the quantity supplied (in hundreds) of watches. Find the quantity supplied at each price.
(h) $0 (i) $10 (j) $20
(k) Graph p = 0.75q on the same axis used for part (g).
(l) Find the equilibrium quantity and the equilibrium price.
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