1. A group of retailers will buy 68 televisions from a wholesaler if the price is $400 and 108 if the price is $350. The wholesaler is willing to supply 56 if the price is $320 and 136 if the price is $410. Assuming the resulting supply and demand functions are linear, find the equilibrium point for the market.

(q, p) = ( , )

2. A shoe store owner will buy 12 pairs of a certain shoe at the price is $70 per pair and 32 pairs if the price is $20. The supplier of the shoes is willing to provide 22 pairs if the price is 75 per pair but only 2 pairs if the price is $25. Assuming the supply and demand functions for the shoes are linear, find the market equilibrium point.

(q, p) = ( , )

Answer rating: 100% (QA)

Sol D Demand equation qP 68 400 400 968 e 108350 ... View the full answer