Use the supply and demand curves in the accompanying graph to answer Exercise 45. (See Exa...

Use the supply and demand curves in the accompanying graph to answer Exercise 45. (See Examples 1 – 4.)

At what price are 20 items supplied?

Example 1

Joseph Nolan has studied the supply and demand for aluminum siding and has determined that the price per unit, * p, and the quantity demanded, q, are related by the linear equation

Example 2

Suppose the economist in Example 8 concludes that the supply q of siding is related to its price p by the equation

Example 3

The supply and demand curves of Examples 8 and 9 are shown in Figure 3.22 . Determine graphically whether there is a surplus or a shortage of supply at a price of $40 per unit.

Example 4

In the situation described in Examples 8 – 10, what is the equilibrium quantity? What is the equilibrium price?