Math121 discussion - 3rd week - MATH 121 DISCUSSION WEEK 3...

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
MATH 121 DISCUSSION WEEK 3 WORKSHEET 1) An economic consultant has done some analysis for a manufacturer of headlamps. She has determined that about 7,000 headlamps can be produced if the market price is $5.50 while 35,000 headlamps can be produced if the market price is $17.50. Further, based on market surveys, she also found that the demand for headlamps can best be fitted by the equation: 6 P + 4 Q = 107 (where P is price and Q is headlamps in thousands). (1) The demand equation is written above in standard form. Rewrite it in slope-intercept form, expressing P in terms of Q. (2) Assuming a linear supply curve, determine the equation for the supply of headlamps. Express your answer in slope-intercept form with P in terms of Q. (3) Find the equilibrium quantity and equilibrium price of headlamps. (4) The company has invested in new machinery that makes it possible to produce 14,000 headlamps if the market price is $7.00. Suppose that the new supply curve is parallel to the supply curve we calculated in part (2). What is the equation of the new supply
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern