Problem
Linear Supply & Demand Functions and Equilibrium Point
a) A company is willing to supply 120 clocks at a price of $80 each, but only 80 clocks at a price of $40 each. What is the Supply Function (price as a function of quantity)?
b) Consumers will buy 150 clocks at a price of $40 each, but only 50 clocks at a price of $80. What is the Demand Function (price as a function of quantity)?
c) What is the equilibrium quantity?
d) What is the equilibrium price?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.