from : 2p-q-10=0
q =2p-10
sub into the 2nd:
(p+10)(q+30) = 7200
(p+10)(2p-10 + 30) = 7200
(p+10)(2p+20) = 7200
divide by 2
(p+10)(p+10) = 3600
p^2 + 20p + 100 = 3600
p^2 + 20p - 3500 = 0
(p-50)(p+70) = 0
p = 50 or p = -70, but p ≥ 0
p = 50, q = 100-10 = 90
The supply function for a product is 2p-q-10=0, while the the demand function for the same product is (p+10)(q+30) = 7200. Find the market equilibrium point.
.. I think
q=656.6667
and
p= 333.33335
I think D must = S... but I don't know how do do that. Help?
3 answers
I have spent a month trying to figure this out.. Thank you. You have saved my life.
g.co
3 answers