SOLUTION: A group of retailers will buy 104 televisions from a wholesaler if the price is $500 and 144 if the price is $450. The wholesaler is willing to supply 68 if the price is $450 and 1

Question 994184: A group of retailers will buy 104 televisions from a wholesaler if the price is $500 and 144 if the price is $450. The wholesaler is willing to supply 68 if the price is $450 and 148 if the price is
$540. Assuming the resulting supply and demand functions are linear, find the equilibrium point for the market.
(q, p) =

Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!

Use the two-point form of the equation of a line to write the supply and demand functions.

where

and

are the coordinates of the given points.

Then solve the 2X2 stem for the point of intersection of the two lines.

John

My calculator said it, I believe it, that settles it

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