Solve the problem.Suppose that the supply and demand equations of a certain commodity are given by q = 5p - 15 and  respectively, where p is the unit price of the commodity in dollars and q is the quantity.(a) What is the supply when the price is $8?(b) What is the demand when the price is $8?(c) Find the equilibrium price and the corresponding number of units supplied and demanded. (d) Draw the graphs of the supply and demand equations on the same set of axes.(e) Find where the two lines cross the horizontal axis and give an economic interpretation of these points. 0.0px;" height="200" width="200" />

What will be an ideal response?

---

(a) 25
(b) 10
(c) (6, 15); The equilibrium price is $6 when 15 units are supplied and demanded.
(d)
 
(e) (3, 0), (12, 0)
Economic interpretation: The intersection of the supply curve with the horizontal axis indicates the lowest price at which the manufacturer is willing to sell the product or service. The intersection of the demand curve with the horizontal axis is the highest price a consumer is willing to pay for a product or service.

Mathematics