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

Algebra ->  Graphs -> 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       Log On


   

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) About Me  (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
+graph%28+600%2C+600%2C+-10%2C+60%2C+-40%2C+230%2C+4x+%2B+5%2C+-2x+%2B+81+%29+
--------------
(1) +p+=+4q+%2B+5+
(2) +p+=+-2q+%2B+81
--------------------
(a)
+q+=+53+
(1) +p+=+4%2A53+%2B+5+
(1) +p+=+212+%2B+5+
(1) +p+=+217+
and
(2) +p+=+-2%2A53+%2B+81
(2) +p+=+-106+%2B+81+
(2) +p+=+-25+
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