Supply and Demand Functions

The video tutorial explains how to find the equilibrium price and quantity in a market with linear supply and demand functions. It starts by presenting the given data points for supply and demand at different prices. The tutorial then demonstrates how to calculate the linear equations for both the demand and supply functions using these data points. Finally, it shows how to solve the system of equations to find the equilibrium price and quantity, verifying the results graphically.

What is the demand for items at a price of $110?

• 1,770 items

• 1,170 items

• 1,890 items

• 990 items

At a price of $210, what is the supply of items?

• 990 items

• 1,890 items

• 1,170 items

• 1,770 items

What is the slope of the demand function?

• 1/9

• -1/6

• 1/6

• -1/9

Which point is used to derive the demand function?

• (990, 110)

• (1,170, 210)

• (1,890, 210)

• (1,770, 110)

What is the slope of the supply function?

• 1/6

• -1/6

• 1/9

• -1/9

Which point is used to derive the supply function?

• (1,770, 110)

• (990, 110)

• (1,890, 210)

• (1,170, 210)

What method is used to find the equilibrium price and quantity?

• Trial and error

• Elimination method

• Substitution method

• Graphical method

What is the equilibrium quantity?

• 990 items

• 1,458 items

• 1,170 items

• 1,770 items

What is the equilibrium price?

• $210

• $110

• $162

• $405

How is the equilibrium verified?

• By adjusting the price and quantity

• By using a different set of points

• By recalculating the slopes

• By checking the intersection of graphs