mand is 18,200 rolls. When the demand increases to 26,200 rolls, the supply is 20,000 and the price is $1.24 per roll. Let x be the quantity in thousands of rolls. The table below gives the price-supply and price-demand equations.
Price Equations for Toilet Paper
Price-Supply P = -0.04x + 2.04
Price-Demand P = 0.025x + 1.495
Find the supply at a price of $2 per roll.
Find the demand at a price of $2 per roll.
Use the substitution method to find the equilibrium quantity. Round x to the nearest tenth first and then convert to thousands. Include the units in your answer.
What is the equilibrium price? Write the answer in dollars and cents, rounding to the nearest cent.