Question

If the supply function for a commodity is given by the equation p = q2 + 12q + 700 and the demand function is given by the equation p = 1800 - 10q - q2, find the equilibrium quantity and equilibrium price. (Round your answers to two decimal places.)Thank You so much

Answer 1

At equilibrium,p1=p2 q2+12q+700=1800-10q-q2 2q2+22q-1100=0 q2+11q-550=0 solving q=18.59 p=18.59^2+12(18.59)+700=N1268.67