Question
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
oobleck
surely equilibrium price is where supply = demand
so solve
500 - 50P = -150 + 80P
so solve
500 - 50P = -150 + 80P