An Electronics Store Sells Seven Times as Many Printers as Fax

question 27

Short Answer

An electronics store sells seven times as many printers as fax machines. If sales for the month totaled 1,600 pieces, how many printers were sold?

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Definitions:

Equilibrium Price

This is the price at which the quantity of goods supplied matches the quantity of goods demanded, resulting in market equilibrium.

Demand Curve

A graph depicting the relationship between the price of a good and the quantity demanded by consumers at those prices.

Ceteris Paribus

A Latin phrase meaning "all other things being equal," used in economics to isolate the effect of one variable by holding other influencing factors constant.

Equilibrium Price

The market price at which the supply of an item equals the demand for the same item.