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QUESTION
At a price of 3 $ tens for gram of gold, the annual supply and demand for gold are 5 and 3 ton of gold respectively.
At a price of 3 $ tens for gram of gold, the annual supply and demand for gold are 5 and 3 ton of gold respectively. When the price rises to $4 tens, the supply increases to 8 ton while demand decreases to 2 ton.
a) Assuming that price supply and the price demand equations are linear, find equations for eachÂ
b) Find the equilibrium price for gold market
c) Graph the functions and indicate equilibrium price.
