5. (12 pts) This question relates to the supply and demand of charcoal grills. a) Through market research it is known that 20 charcoal grills will be supplied if the price is set at $105, and 75 grills will be supplied if the price is $215. Find the supply equation for charcoal grills if it is known to be linear. (Hint: Remember, in the graph of the supply and demand functions the quantity plays the role of the "x coordinate", and price plays the role of the "y coordinate"). b) The demand for grills is known to be p = -1/2x +210 where p is the price per grill and x is the quantity demanded. Find the number of grills supplied and the number of grills demanded if the price is set at $175 per grill. Is there a surplus, a shortage, or neither? 6. find the equilibrium quantity and price for charcoal grills.
