SOLUTION: Supply and demand A certain product has supply and demand functions p = 4q + 5 and p = -2q + 81, respectively. (a) If the price is $53, how many units are supplied and

Question 901290: Supply and demand A certain product has supply and
demand functions p = 4q + 5 and p = -2q + 81,
respectively.
(a) If the price is $53, how many units are supplied and
how many are demanded?
(b) Does this give a shortfall or a surplus?
(c) Is the price likely to increase from $53 or decrease
from it?
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
This is meant to show that:
" When the supply goes up, the demand goes down "
--------------------------------
Here are the plots of the equations
The supply goes up and Demand goes down

--------------
(1)
(2)
--------------------
(a)

(1)
(1)
(1)
and
(2)
(2)
(2)
217 units are supplied and
-25 units are demanded
-------------------------
(b)
This gives a surplus
(c)
There is way more supply than demand, so
price is likely to go down

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