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Question: mth 128 w07 and wos sp19 amber millsap amp 1...

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MTH 128 W07 and WOS SP19 Amber Millsap & 1 1/25/19 9:13 PM Homework: 7.3 Mastery Score: 0 of 1 pt 7.3.61 10 of 10 (6 complete) ▼ MN Score: 45%, 4 5 of 10 pts Question Help An important application of systems of equations arises in connection with supply and demand. As the price of a product increases, the demand for that product decreases. However, at higher prices, suppliers are willing to produce greater quantities of the product. The price at which supply and demand are equal is called the equilibrium price. The quantity supplied and demanded at that price is called the equilibrium quantity. The following demand and supply models describe prices for unleaded premium gasoline, where p is the price of gasoline (per gallon) Use the models below to complete parts (a) and (b) Demand Model: p0.003x+ 6; x is the number of gallons demanded per day Supply Model: p 0.004x+2.5; x is the number of gallons supplied per day a. Solve the system and find the equilibrium quantity and the equilibrium price for a gallon of unleaded premium gasoline The equilibrium quantity for a gallon of unleaded premium gasoline is gallons (Type a whole number.)

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