Given the Supply and Demand Functions Below, Find the Price $145 .$

question 14

Multiple Choice

Given the supply and demand functions below, find the price when the demand is $145 .$
$S(p) =9 p+12$
$D(p) =280-9 p$

• A) \( \$ 15 \)
• B) \( \$ 47 \)
• C) \( \$ 292 \)
• D) \( \$ 1317 \)

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Definitions:

Substitutable Product

A product that can be replaced or substituted with another product by consumers, often due to similar functions or characteristics.

Insensitive

Describes a reaction or response that does not change significantly despite changes in external conditions or stimuli.

Reposition

The act of changing a product's market position, which may involve altering its image, target audience, or associated features.

Substitute Product

A product that can be used in place of another product, offering a similar utility to the consumer.