Asked by Chi
The market for take-away curries in an area is governed
by the following demand and supply equations:
QD = 500 - 50P
QS = -150 + 80P
Where QD is the number of curries demanded per day, QS is the number supplied, and P is the price in pounds.
Find the equilibrium price and quantity in the market.
Interpret the meaning of the roots?
by the following demand and supply equations:
QD = 500 - 50P
QS = -150 + 80P
Where QD is the number of curries demanded per day, QS is the number supplied, and P is the price in pounds.
Find the equilibrium price and quantity in the market.
Interpret the meaning of the roots?
Answers
Answered by
oobleck
surely equilibrium price is where supply = demand
so solve
500 - 50P = -150 + 80P
so solve
500 - 50P = -150 + 80P
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.