Solve the Problem $p$ (In $\$$ ) of a Cookbook Is Determined by the Number of an Item

question 124

Multiple Choice

Solve the problem.
-In an open market, the price of an item is dependent on the demand by consumers and the supply offered by producers. Competition between buyers and sellers steers the price toward an equilibrium price--that is,
The price where supply equals demand. The number of items offered and sold at the equilibrium price is the
Equilibrium quantity. The price $p$ (in $\$$ ) of a cookbook is determined by the number of cookbooks $x$ demanded by consume and supplied by the publisher.
Supply: $p = 0.003 x$
Demand: $p = - 0.005 x + 80$
a. Solve the system of equations defined by the supply and demand models.
b. What is the equilibrium price?
c. What is the equilibrium quantity?

• A) a. \(\{ ( 10,000,30 ) \}\)
• b. \(\$ 30\)
• c. 10,000 cookbooks
• B) a. \(\{ ( 10,000,30 ) \}\)
• b. \(\$ 10,000\)
• c. 30 cookbooks
• C) a. \(\{ ( 20,000,60 ) \}\)
• b. \(\$ 20,000\)
• c. 60 cookbooks
• D) a. \(\{ ( 20,000,60 ) \}\)
• b. \(\$ 60\)
• c. 20,000 cookbooks

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