A certain retailers will buy 15 cordless phones from a supplier if the price is $55 each but only 20 if the price is $40. The supplier will furnish 63 phones at $58.6 each and 50 at $50.8 each. Assume the supply and demand functions are linear, find the supply and demand functions and the market equilibrium point.

Demand: p=  

Supply: p=  

Market Equilibrium point:

Answer rating: 100% (QA)

Let P Q be the equilibrium point for the market For Demand 15 55 P1 Q1 20 40 P2 Q2 P P1 P2 P1 Q Q1 ... View the full answer