Solve the Problem $\mathrm { N } = - 6 \mathrm { p } + 730$

question 189

Multiple Choice

Solve the problem.
-As the price of a product increases, the demand for that product decreases. However, at higher prices, suppliers are willing to produce greater quantities of the product. The weekly supply and demand models
For a certain type of television are as follows: Demand: $\mathrm { N } = - 6 \mathrm { p } + 730$
Supply: $\quad N = 2.4 p$
where $\mathrm { p }$ is the price in dollars per television.
Find the price at which supply and demand are equal. At this price, how many televisions can be supplied and sold each week?

• A) \(\$ 86.90 ; 209\)
• B) \(\$ 202.78 ; 487\)
• C) \(\$ 301.67 ; 724\)
• D) \(\$ 86.90 ; 230\)

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Definitions:

Illegal Cooperative Agreements

Illegal cooperative agreements refer to unlawful arrangements between competing businesses to fix prices, divide markets, or engage in other anti-competitive practices.

Trade Restraint

Any measure or policy that restricts international trade, including tariffs, quotas, and embargoes.

Predatory Pricing

is a competitive strategy where a company sets extremely low prices to eliminate competition and create a monopoly.

Monopolist

A monopolist is a single supplier in a market that has significant control over the price and supply of a particular good or service.