The following equation describes the relationship between the price of scanners (P) and the quantity that buyers will purchase each week (Q):
Q = 300 - 2P.
The following equation describes the relationship between the price of scanners (P) and the quantity that sellers will sell each week (Q):
Q = 3P.
On a graph (with Q on the horizontal axis and P on the vertical axis), plot the two equations using the following values for P: $30, $40, $50, $60, and $70. At what price do the two curves intersect? What is the quantity of scanners at this point?

Question

Quizplus · Accepted Answer

The Answer of The following equation describes the relationship between the price of scanners (P) and the quantity that buyers will purchase each week (Q):
Q = 300 - 2P.
The following equation describes the relationship between the price of scanners (P) and the quantity that sellers will sell each week (Q):
Q = 3P.
On a graph (with Q on the horizontal axis and P on the vertical axis), plot the two equations using the following values for P: $30, $40, $50, $60, and $70. At what price do the two curves intersect? What is the quantity of scanners at this point?

The Following Equation Describes the Relationship Between the Price of Scanners