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Find the equilibrium point graphically

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Reference no: EM133126278

1. Given the Following table Price - Demand

0 5 10 15 20 25 X( hundreds of flashlights)

50.50 39 31 24 18.50 14 -Prices

Find the demand function that is exponential and fits the data using Excel or calculator.

Find the price if the demand was 700 flashlights.

Here is the Supply function: p =10ln(x+3), p: price in dollars x: hundreds of flashlights for same set of flashlights.

c. Graph both functions with calculator use Xmin = 0 Xmax = 40 Ymin = 0 Ymax = 60 Copy graph neatly and label axes.

d. Find the equilibrium point graphically using your graphing calculator and interpret your answer. Be careful of the units.

e. Find the supply and demand when the price is $30 using algebra and both function's equations. Be careful of the units (show algebra steps)

f. Given the answers to e. Explain what will happen the price using words like surplus and shortage.

Reference no: EM133126278

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