Question

You are given a pair of equations, one representing a supply curve and the other representing a demand curve, where p is the unit price for x items.
and 50p+x-1148=0, 86p-x-28=0, Identify which is the supply curve and demand curve and the appropriate domain. Put the domains in interval notation . For type a.infinity . For more than one interval use a U to represent a "union".
Domain of the supply curve
Domain of the demand curve
b. Determine the market equilibrium. Equilibrium: x = p =
c. Determine the revenue function. Revenue function R(x)=
d. Determine the revenue at market equi

Answer 1

okay lol i just figured out how to do this.. hi again lol

Answer 2

Demand curve always has a negative slope, while supply curve always has a positive slope.

Answer 3

Now solve for p in both equations to see the slope:
1)50p+x-1148=0, subtract x from both sides:
50p-1148 = -x, add 1148 to both sides:
50p = -x + 1148, divide both sides by 50:
p = (-1/50)x + (1148/50)

Answer 4

now that's in the form of y = Mx+b, where M is the slope. In this case M = (-1/50), which is negative. So this is the demand curve (well line in this case).

Answer 5

repeat the same thing for the other equation, it should be supply

Answer 6

okay

Answer 7

let me work this out:
86p-x-28=0
86p = x+28
p = (1/86)x + (14/43) - supply curve

Answer 8

Okay so we have:
Supply: p = (1/86)x + (14/43)
Demand: p = (-1/50)x + 22.96

Answer 9

Domain of both of these are:
(-infinity; infinity) since x can be any real number, these are just straight continuous lines. By the way, I'd appreciate it if you don't mention that I go to the same school that u go to. U can tell them where u go, but i already feel like most ppl on here know too much about me haha.

Answer 10

Looking up what market equilibrium is...

Answer 11

Ohh market equilibrium is when supply = demand, so set the two equations equal to each other

Answer 12

(1/86)x + (14/43) = (-1/50)x + 22.96
solve for x

Answer 13

only professors from our school are going to give you retarded numbers on webworks.. freakin hate that...

Answer 14

(1/86)x + (14/43) = (-1/50)x + 22.96
x((1/86)+(1/50)) = 22.96 - (14/43)
(34/1075)x = 24332/1075
hmm the numbers do workout nicely haha

Answer 15

professor is very fast with her lecture...

Answer 16

multiply everything out by 1075:
34x = 24332
divide everything by 34: x = 24332/34 = 12166/17

Answer 17

Nevermind, the numbers are ugly:
x = 12166/17
p = (1/86)(12166/17)+ (14/43) = 147/17

Answer 18

yes

Answer 19

Revenue = x*demand = x*[(-1/50)x + 22.96] = (-1/50)x^2 + 22.96x

Answer 20

u might have to put the asterix, sometimes webworks is too dumb to get that it's multiplication:
Revenue function: (-1/50)*x^2 + 22.96*x

Answer 21

For revenue at market equilibrium just plug in x = 12166/17 into revenue function.

Answer 22

R(12166/17) = (-1/50)*(12166/17)^2 + 22.96*(12166/17)
if u just copy paste this, webworks should accept it:
(-1/50)*(12166/17)^2 + 22.96*(12166/17)