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# Demand Curve watch

1. Can i get some help please.

The quantity demanded of a brand of food processors is 6000 per week when the unit price is \$970. Every \$40 change in price results in an inverse change in the quantity demanded by 500 units. The suppliers will not market any food processors if the unit price is \$600 or less, but are willing to supply 5000 units per week at a unit price of \$1050 . If both the supply and demand curve are known to be linear:
i. Derive the demand curve.
ii.Derive the supply curve.
iii. Estimate the equilibrium quantity and price for food processors.
2. (Original post by Tay')
Can i get some help please.

The quantity demanded of a brand of food processors is 6000 per week when the unit price is \$970. Every \$40 change in price results in an inverse change in the quantity demanded by 500 units. The suppliers will not market any food processors if the unit price is \$600 or less, but are willing to supply 5000 units per week at a unit price of \$1050 . If both the supply and demand curve are known to be linear:
i. Derive the demand curve.
ii.Derive the supply curve.
iii. Estimate the equilibrium quantity and price for food processors.
You're just plotting a graph. They're straight line (linear).
For demand, you know that demand is 6000 when price is 970, and if price changes by 40 then demand changes by 500. So you can then work out a second point and draw a straight line between them.
For supply, you've been given two points and can again draw the line on your graph.
3. (Original post by Juno)
You're just plotting a graph. They're straight line (linear).
For demand, you know that demand is 6000 when price is 970, and if price changes by 40 then demand changes by 500. So you can then work out a second point and draw a straight line between them.
For supply, you've been given two points and can again draw the line on your graph.
They want us to solve using simultaneous equations.

Would the equations be
970=a+6000b
1010=a+5500b
for the demand curve

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