AE here are the other two Classmate responses. Thank you.
Unit 1 DB
Solve for B
Demand with the price of $10
Less than 20 items
Supply is Greater than Demand at $10
The Equilibrium Price is the price where the demand and the supply are at equal amounts.
It is important to know the equilibrium price. This is the price that you must never be less than. If the owner decides to sell the product for $5 the supply would not be able to keep up with the demand.
The Intellipath node that helped me the most was definitely Translating sentences into variable expressions and equations.
I have chosen points: (2, 1,400) and (12, 400).
Finding the slope:
What will be the demand value when the price is p=$10?
What’s the price when q<20 items?
Supply Function: Q = 100P + 80 When Price is $10
The Supply 1080 is more when the demand was 600. This means the demand was to low and more supply was needed.
When you have two linear equations that will intercept one another, you need to set both equations equal to one another. For an example x=y and y=x.
See the attached file
The equilibrium price is important to know so that producers can determine whether or not a product is in their budget also if so will that product gain or lose profits. Having this information during the starting point of a business helps to establish a budget for producers. Reminds me having a budget before you go shopping so that you don’t over spend on unnecessary things.
During the Determine Knowledge module, I had problems getting the hang of solving linear equations but once I had did a few of them, it was easier than I thought. I haven’t taken algebra in awhile so I’m kind of rusty. Hopefully I get the hang of things!