The table below gives the quantity of fancy widgets demanded and the quantity supplied for selected prices.
(a) Find the linear equation that gives the price as a function of the quantity demanded.
(b) Find the linear equation that gives the price as a function of the quantity supplied.
(c) Use these equations to find the market equilibrium price.
Price
($)
50
60
70
80
100
Quantity Demanded (thousands)
285
235
185
135
35
Quantity
Supplied (thousands)
0
100
200
300
500