Problem:
The quantity demanded each month of Russo Espresso Makers is 250 when the unit price is $111.00. The quantity demanded each month is 1000 when the unit price is $81.00. The suppliers will market 750 espresso makers if the unit price is $37.00 or lower. At a unit price of $69.00, they are willing to make available 2350 units in the market. Both the demand and supply equations are known to be linear. Find the equilibrium quantity and the equilibrium price.
a. equilibrium quantity 1650 units, equilibrium price $55.00
b. equilibrium quantity 1650 units, equilibrium price $40.00
c. equilibrium quantity 1540 units, equilibrium price $40.00
d. equilibrium quantity 1540 units, equilibrium price $55.00
Additional Information:
This problem is basically belongs to Mathematics and it is about finding the equilibrium quantity and price of espresso coffee units and price.