The Following Equation Describes the Relationship Between the Price of Scanners

Essay

The following equation describes the relationship between the price of scanners (P) and the quantity that buyers will purchase each week (Q):
Q = 300 - 2P.
The following equation describes the relationship between the price of scanners (P) and the quantity that sellers will sell each week (Q):
Q = 3P.
On a graph (with Q on the horizontal axis and P on the vertical axis), plot the two equations using the following values for P: $30, $40, $50, $60, and $70. At what price do the two curves intersect? What is the quantity of scanners at this point?