Given the demand equation and the supply equation 6x+2y-64 = 0 - 10x 5y+100, where y...

 

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Given the demand equation and the supply equation 6x+2y-64 = 0 - 10x 5y+100, where y is the unit price in dollars and x represents the quantity demanded in units of a thousand, a) determine the equilibrium quantity and the equilibrium price; b) sketch a graph of the demand and supply curves; What is the highest price (theoretically) anyone would pay for this product? d) What is the lowest price (theoretically) at which the supplier of the product will make it available in the market? Given the demand equation and the supply equation 6x+2y-64 = 0 - 10x 5y+100, where y is the unit price in dollars and x represents the quantity demanded in units of a thousand, a) determine the equilibrium quantity and the equilibrium price; b) sketch a graph of the demand and supply curves; What is the highest price (theoretically) anyone would pay for this product? d) What is the lowest price (theoretically) at which the supplier of the product will make it available in the market?

Answer rating: 100% (QA)

a To find the equilibrium quantity and price we need to solve the system of equations 6 2 64 0 6x2y6... View the full answer