Calculus with Applications (10th Edition)

Published by Pearson
ISBN 10: 0321749006
ISBN 13: 978-0-32174-900-0

Chapter 1 - Linear Functions - 1.2 Linear Functions and Applications - 1.2 Exercises: 16

Answer

Please see "work step by step" for explanation

Work Step by Step

See text following example 2, Supply and Demand. The equilibrium price is the price at which the quantities of supply and demand are equal. When the price is lower, a shortage of the commodity occurs. When the price is higher, a surplus occurs. Neither situation is favorable for business, which is why the price should move toward the equilibrium price.
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.