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Math Help - Supply or Demand Equation

  1. #1
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    Supply or Demand Equation

    Determine if the given equation is a supply or demand equation 16x+13p=1040
    A)Supply Equation
    OR
    B)Demand Equation

    For supply equations, find the minimum price for which there will be any supply.
    For demand equations, find the maximum price that can be charged and the maximum demand.
    (Type 0 if it does not apply.(Even though 0 might not be the answer.))
    Minimum price=__________
    Maximum demand=__________
    Maximum price=_________
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  2. #2
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    Re: Supply or Demand Equation

    Well, what have you done on this and what do you know about it? I presume you have seen some "supply" and "demand" equations before. What distinguishes them?
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  3. #3
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    Re: Supply or Demand Equation

    Quote Originally Posted by HallsofIvy View Post
    Well, what have you done on this and what do you know about it? I presume you have seen some "supply" and "demand" equations before. What distinguishes them?
    actually I figured it out. This is what I got---
    Determine if the given equation is a supply or demand equation 16x+13p=1040
    A)Supply Equation
    OR
    B)Demand Equation

    For supply equations, find the minimum price for which there will be any supply.
    For demand equations, find the maximum price that can be charged and the maximum demand.
    (Type 0 if it does not apply.(Even though 0 might not be the answer.))
    Minimum price= 0
    Maximum demand= 65
    Maximum price= 80
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  4. #4
    MHF Contributor ebaines's Avatar
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    Re: Supply or Demand Equation

    Correct. It's been a long timne since I took economics, but one thing I do remember is that if price goes up demand goes down, which is exactly what happens with this equation.
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