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
Type Equation
Price-Supply P = -0.04x + 2.04
Price-Demand P = 0.025x + 1.495
QUESTION 1
Find the supply at a price of $2 per roll.
1000 rolls
10,000 rolls
1 roll
5000 rolls
QUESTION 2
Find the demand at a price of $2 per roll.
20.2 rolls
202 rolls
20,200 rolls
500 rolls
QUESTION 3
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.
QUESTION 4
What is the equilibrium price? Write the answer in dollars and cents, rounding to the nearest cent.