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16 September, 19:04

Producers will make 4000 refrigerators available when the unit price is $390. at a unit price of $430, 8000 refrigerators will be marketed. find the equation relating the unit price p of a refrigerator to the quantity supplied x if the equation is known to be linear.

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  1. 16 September, 19:29
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    We have (q, p) = (390,4000) and (430,8000).

    Linear function.

    p=mq+b

    390=4000m+b ... (1)

    430=8000m+b ... (2)

    (2) - (1)

    40=4000m = > m=0.01

    substitute in (1)

    390=4000 (0.01) + b

    => b=390-40=350

    Equation is therefore

    price=0.01 (quantity) + 350
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