Which of the following best describes the price level of $180? O The price level of $180 is not stable. The equilibrium price is lower, so the market forces will drive the price down. O The price...

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Extracted text: Which of the following best describes the price level of $180? O The price level of $180 is not stable. The equilibrium price is lower, so the market forces will drive the price down. O The price level of $180 is not stable. The equilibrium price is lower, so the market forces will drive the price up. O The price level of $180 is not stable. The equilibrium price is higher, so the market forces will drive the price down. O The price level of $180 is not stable. The equilibrium price is higher, so the market forces will drive the price up. O The price level of $180 represents a stable condition. The equilibrium price is $180 per pan.


Extracted text: Equilibrium Point Yaster Cookware is planning to introduce a new line of cast-iron pans. A marketing company established price-demand and price-supply tables for selected prices, shown in the tables below, where a is the number of pans people are willing to buy and Yaster is willing to sell each month at a price of p dollars per pan. Price-Demand: p = D(x) 984 410 2140 220 2940 143 4200 55 5125 45 Price-Supply p = S(x) 984 21 2140 77 2940 108 4200 150 5125 190 Find a quadratic regression model for the price-demand data and a linear regression model for the price-supply data. Use these models to answer the following questions.