Mathematics, 15.07.2020 05:01 elizabethajih99
An important application of systems of equations arises in connection with supply and demand. As the price of product increases, the demand for that product decreases. However at higher prices, suppliers are willing to produce greater quantities of the product. The price at which supply and demand are equal is called the equilibrium price. The quantity supplied and demanded at that price is called the equilibrium quantity. The following models describe wages for low-level skilled labor. (demand) p=-.307x+5.9, (supply) p=.328x+3.
The equilibrium number of workers is __ million.
The equilibrium wage is __ dollars.
Answers: 1
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An important application of systems of equations arises in connection with supply and demand. As the...
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