(3 points) When sold for $259,000.00, Ferraris have an annual supply of 6758 vehicles and an annual demand of 6691 vehicles.When their price increases to $279,000.00, the annual supply increases to 6913, and the demand decreases to 6010 billion gallons.(a) Assuming that the supply and demand equations are linear, Afind the supply and demand equations.Supply Equation p =Demand Equationp(Note: The equations should be in the form p = mg + b where p denotes the price (in dollars) and q denotes the quantity. The slopeand y-intercept should be accurate to two decimal places).(b) Find the Equilibrium price and quantity.Equilibrium price p =Equilibrium quantity q =(Note: The equilibrium price and quantity should be accurate to two decimal places, and the equilibrium price should include a dollarsign).

The demand function shows the units of commodity that the consumers desire to purchase at the market…

Answered: (3 points) When sold for $259,000.00,…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. Suppose consumers will demand 40 units of product when the price is $12 and 25 units when the price is $18 each. 6). Find a linear equation for the: 0. Demand curve. (ii). Demand function. (b). Find the price per unit when 30 units are demanded. 2 The demand Curve for a prodtuct is p= 60-0.00OSC where p iE the price per unit. and q is the number of units demancec. How many units must be sold to achieve sales of $1.200,000?

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