Question: Suppose that in a certain market the demand function for a product is given by 10 p + q = 2,100 and the supply function
Suppose that in a certain market the demand function for a product is given by
10p + q = 2,100
and the supply function is given by
50p q = 1,350.
(Assume price is measured in dollars.) If the government levies a tax of $3 per item, find the equilibrium point after the tax is levied. The tax is added to the selling price of the product.
(q,p) =
Stutz Department Store will buy 10 pairs of sunglasses if the price is $76per pair and 30 pairs if the price is $26. The supplier of the sunglasses is willing to provide 35 pairs if the price is $81per pair but only 5 pairs if the price is $21. Assuming that the supply and demand functions for the sunglasses are linear, find the market equilibrium point.
(q,p) =
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