The Number of Wrenches That Can Be Produced at a Given

question 34

Multiple Choice

The number of wrenches that can be produced at a given price can be predicted by the formula $s = \sqrt { 70 x }$ , where $s$ is the supply (in thousands) and $X$ is the price (in dollars) . If the demand $d$ for the wrenches can be predicted by the formula $d = \sqrt { 600 - 5 x ^ { 2 } }$ , find the equilibrium price.

• A)$8
• B)$7
• C)$6
• D)None of the above

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Definitions:

Inferior Good

A product whose demand decreases as consumers' income levels increase, opposite to normal goods.

Income Rises

An increase in the amount of money received by individuals or households, often measured on an annual basis.

Complementary Goods

Products or services that are often used together, where the increase in demand for one leads to an increase in demand for the other.

Market Demand

The total quantity of a good or service that all consumers are willing to purchase at a given price over a specified period.