Asked by Rahaf
If the supply and demand functions for a commodity are given by
p − q = 10
and
q(2p − 10) = 5500,
what is the equilibrium price and what is the corresponding number of units supplied and demanded
p − q = 10
and
q(2p − 10) = 5500,
what is the equilibrium price and what is the corresponding number of units supplied and demanded
Answers
Answered by
Reiny
Since you did not define p and q, all we can do is solve the two equations
for p and q, and then it is up to you to decide who is who.
from p − q = 10 --> p = q+10
sub that into the other equation:
q(2p − 10) = 5500
q(2q+20 - 10) = 5500
q^2 + 10q - 5500 = 0
q = (-10 ± √(100 + 4(5500)) )/2
= ...
clearly you would reject the negative answer, sub the positive into
p = q+10 to find p
for p and q, and then it is up to you to decide who is who.
from p − q = 10 --> p = q+10
sub that into the other equation:
q(2p − 10) = 5500
q(2q+20 - 10) = 5500
q^2 + 10q - 5500 = 0
q = (-10 ± √(100 + 4(5500)) )/2
= ...
clearly you would reject the negative answer, sub the positive into
p = q+10 to find p
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