Agroup of retailers will buy 104 televisions from a wholesaler if the price is $300 and 144 if the price is $250. the wholesaler is willing to supply 88 if the price is $225 and 168 if the price is $315. assuming the resulting supply and demand functions are linear, find the equilibrium point for the market.
(q, p):

The required equilibrium point is (356.538,58.769)

Step-by-step explanation:

The two points on your demand equation are : (300,104) and (250,144)

Take the number of televisions on y-axis and the price of the television on x-axis

Now, to find the demand equation for the given problem, find slope using the above two points :

And the y - intercept is : y = -0.8x + b

Find the value of b using any point. Let us take (250,144)

144 = -0.8 × 250 + b

⇒ b = 144 + 200

⇒ b = 344

So, the y-intercept is : y = -0.8x + 344

The two points on your supply equation are : (225,88) and (315,68)

Take the number of televisions on y-axis and the price of the television on x-axis

Now, to find the supply equation for the given problem, find slope using the above two points :

And the y - intercept is :

Find the value of b using any point. Let us take (225,88)

So, the y-intercept is :

To find the equilibrium point, solve both the y-intercepts of the demand equation and the supply equation :

⇒ x = 356.538 and y = 58.769

Hence, the required equilibrium point is (356.538,58.769)

step-by-step explanation: