Question

For the demand equation below, x represents the quantity demanded in units of 1000 and p is the unit price in dollars. What is the value of p when 7p - 4x - 140 = 0 and x = 10?

Answer 1

To find the value of p when 7p - 4x - 140 = 0 and x = 10, substitute x into the equation, isolate p by adding 180 to both sides, and divide both sides by 7.

Step-by-step explanation:

To find the value of p when 7p - 4x - 140 = 0 and x = 10, we first substitute the value of x into the equation:

7p - 4(10) - 140 = 0

7p - 40 - 140 = 0

7p - 180 = 0

Next, we isolate p by adding 180 to both sides:

7p = 180

Finally, we divide both sides by 7 to solve for p:

p = 180/7

Therefore, the value of p is approximately 25.71 when x = 10.