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Suppose that the supply function for honey is pequals​s(q)equals0.4qplus2.8​, where p is the price in dollars for an 8​-oz container and q is the quantity in barrels. suppose also that the equilibrium price is ​$4.80 and the demand is 4 barrels when the price is ​$5.90. find an equation for the demand​ function, assuming it is linear.

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Answer: The demand equation is given by Q =9.32 – 0.90P

Explanation: [tex]Supply = p=0.4q+2.8  =4.80=0.4q+2.8  =2=0.4q  =q=5[/tex]

Therefore, q=5 and p=$4.80 are the equilibrium points. Which are also point of the demand curve.  

[tex]Demand = Q= a –bP    5=a- 4.80b[/tex]

Also, given demand is 4 when price is $5.90,

[tex]Q=a- bP  4=a – 5.90P[/tex]

Solving both the demand equations together we get,  

[tex]1=1.1b  B=0.90  a= 9.32[/tex]

Therefore, the demand equation is given by [tex]Q =9.32 – 0.90P[/tex]

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