Solve the Problem $\mathrm { N } = - 3 \mathrm { p } + 780$

question 159

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: $\mathrm { N } = - 3 \mathrm { p } + 780$
Supply: $\quad N = 2.6 p$
where $p$ is the price in dollars per television.
How many of these televisions can be sold and supplied at $\$ 100$ per television?

• A) sold: 480; supplied: 260
• B) sold: 1080; supplied: 260
• C) sold: 480 ; supplied: 1040
• D) sold: 260; supplied: 480

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Definitions:

Output Efficiency

The state of producing the maximum output with the minimum wasted effort or expense.

Productively

In a manner that results in a high degree of effectiveness or efficiency in producing desired outcomes.

Fully Utilizing

Making the most efficient use of resources, assets, or capacities to achieve their maximum potential output or productivity, often in the context of manufacturing processes or economic production.

Labor Force

The total number of people who are available to work, including both the employed and those seeking employment.