Asked by Haris A Khan
The supply function for a product is given by p=q^2+300, and the demand function is given by p + q = 410. Find the equilibrium quantity and price.
Answers
Answered by
oobleck
to find q, use p=410-q, and solve
410-q = q^2+300
q = 10
so, p = 400
410-q = q^2+300
q = 10
so, p = 400
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