Math Problem Statement

Suppose that the supply function for honey is p=​S(q)=0.4q+2.8​, where p is the price in dollars for an 8​-oz container and q is the quantity in barrels. Suppose also that the equilibrium price is ​$4.80 and the demand is 4 barrels when the price is ​$6.20. Find an equation for the demand​ function, assuming it is linear.

Solution

Ask a new question for Free

By Image

Drop file here or Click Here to upload

Math Problem Analysis

Mathematical Concepts

Linear Equations
Demand and Supply Analysis

Formulas

Linear demand function p = mq + b

Theorems

-

Suitable Grade Level

Undergraduate