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You can sell 70 pet chias per week if they are marked at $1 each, but...

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Basic Math

You can sell 70 pet chias per week if they are marked at $1each, but only 20 each week if they are marked at $2/chia. Yourchia supplier is prepared to sell you 10 chias each week if theyare marked at $1/chia, and 60 each week if they are marked at $2per chia.

(a) Write down the associated linear demand and supplyfunctions.

demand function    q(p) =
supply function    q(p) =


(b) At what price should the chias be marked so that there isneither a surplus nor a shortage of chias?

Answer & Explanation Solved by verified expert
4.4 Ratings (641 Votes)
a Let the required linear demand function be dp y mxb where y is the weekly demand for the no of chias x is the unit price m is the slope and b is the yintercept    See Answer
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