Question

The supply and demand for lobster at the K. Lopez Fish Store are related by the...

The supply and demand for lobster at the K. Lopez Fish Store are related by the equations:

Supply: p=S(q)=6q+3 and Demand: p=D(q)=-2q+19

where q represents the quantity of lobster in pounds per day and p represents the price in dollars per pound.

(a) Identify your random variable(s)
(b) Graph both the supply and demand functions on the same axes.
(c) Estimate the equilibrium quantity and the equilibrium price from your graph.
(d) Find the equilibrium quantity (solve)
(e) Find the equilibrium price.
Math   Advanced-Math   
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