Hi, here are the answers:
Demand curve is: 95p+x-1752 =0
Supply curve is: 171p-x-32=0
Equilibrium: p = 6.71 (rounded to 2 dp)
x = 114.86 (rounded to 2 dp)
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.
a) Identify which is the supply curve and demand curve and the appropriate domain. Put the domains in interval notation . For type 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 equilibrium. __________