Mathematics, 24.04.2020 17:14 mercydiaz84
An important application of systems of equations arises in connection with supply and demand. As the price of a product increases, the demand for that produce decreases. However, at higher prices, suppliers are willing to produce greater quantities of the product. Suppose a chain of electronics stores sells hand-held color televisions. The weekly demand and supply models are given as follows \begin{array}{ll} \mbox{Demand model: } & N = -6p+3362 \\ \mbox{Supply model: } & N = 2.2p \end{array} where N is the number of televisions sold each week and at price p.
a) How many hand-held color televisions can be sold at $ 360 per television?
b) How many televisions will be sold when supply and demand are equal?
c) Find the price at which supply and demand are equal.
Answers: 3
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