Hello!
c. The simplest part is finding the equilibrium point "mathematically" (it is better to say "algebraically"). For this, we have to equate and
This is a simple linear equation that becomes
and
(units are probably $/kg). The supply and demand are both equal to
at this point. We obtain the same result looking at a graph.
b. The graphs are simple, too. They are both straight lines. Please look at this link: https://www.desmos.com/calculator/zngt7rj9fr
a. The schedule is simply a table that lists some possible price () values and the corresponding
and
values. We may choose the step between the
values. Let it be 1 $/kg:
1 40 10
2 30 20
3 20 30
4 10 40
You can extend this table with values 0.5, 1.5 and so on.
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