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Can someone help me on this one!

  1. Sep 14, 2004 #1
    For a certain commodity, the demand equation is given by D= -5p + 5=. At a price of $1, twelve units of the commodity are supplied. If the supply equation is linear and the market price is $4, find the supply equation.

    Answer:

    For this one I have come up with a formula of:

    s= ap+b where p if the varialbe, price, and a,b are constants

    s is supply.

    I think I have to find a and b but amd not sure.

    Can someone help me with figure this one out...
     
  2. jcsd
  3. Sep 14, 2004 #2

    CRGreathouse

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    First you'll need to find out the amount supplied at the market price. Market price is when supply equals demand.

    Do you have the equation correct? If D = -5p + 5 and the market price is $4, then you're working in negatives.... Did you mean -5p + 50?
     
  4. Sep 14, 2004 #3

    Alkatran

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    Oh great, he found his way here, too.

    He's already posted half his homework here

    So don't bother answering.
     
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