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2. At $2.50 per cupcake, the supply is 370 cupcakes and the demand is 400 cupcakes. When the price rises to $3.00, the supply increases to 390 cupcakes and the demand falls to 360 cupcakes.
a. Find the price-supply equation
p mx b = +
b. Find the price-demand equation
p mx b = +
c. Find the equilibrium price and quantity
3. A candle manufacturer has a monthly fixed cost of $3,600. Each candle costs $1.50 to produce. The manufacturer sells the candle for $4.50 per candle.
a. Find the cost function
b. Find the revenue function
c. Find the break-even point