The quantity demanded x of a certain brand of DVD player is 3000/week when the unit price p is $485. For each decrease in unit price of $20 below $485, the quantity demanded increases by 250 units. The suppliers will not market any DVD players if the unit price is $350 or lower. But at a unit price of $525, they are willing to make available 2500 units in the market. The supply equation is also known to be linear. (a) Find the demand equation. p(x) = (b) Find the supply equation. p(x) = (c) Find the equilibrium quantity and the equilibrium price. PLEASE help I am totally lost on this

a) Demand equation :

b) Supply equation :

C) The equilibrium quantity and the equilibrium price are 2500 and $ 525 respectively

Step-by-step explanation:

We are given that  For each decrease in unit price of $20 below $485, the quantity demanded increases by 250 units.

Since decrease in unit price of $20 increase demand by 250 units

So, Slope =

We are given that The quantity demanded x of a certain brand of DVD player is 3000/week when the unit price p is $485.

Now for demand equation:

Use point slope form :

So,

a)So, Demand equation :

Now to find supply equation

We have two points (0,350) and (2500,525)

b) So, Supply equation :

Now to find equilibrium quantity and price equate demand and supply equation

So, equilibrium quantity = 2500

To find equilibrium price substitute equilibrium quantity in any equation

C) The equilibrium quantity and the equilibrium price are 2500 and $ 525 respectively

you probably already have the answer but anyways it's b. 15.0

step-by-step explanation: