SOLUTION: I am lost about where to put the data. Please help. The question is; Let the supply and demand functions for sweaters in dollars be: supply: p=9q+6 demand: p=76-5q a. Find the

Question 101682: I am lost about where to put the data. Please help. The question is;
Let the supply and demand functions for sweaters in dollars be:
supply: p=9q+6
demand: p=76-5q
a. Find the equilibrium demand.
b. Find the equilibrium price.
Thank you for your time
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
:
Let the supply and demand functions for sweaters in dollars be:
:
supply: p = 9q + 6
demand: p= 76 - 5q
:
q = number of items
:
a. Find the equilibrium demand.
:
Equilibrium demand occurs when supply = demand so we have:
:
Supply = demand
9q + 6 = 76 - 5q
Solving for q tells us the number of items
9q + 5q = 76 - 6
14q = 70
q = 70/14
q = 5 items (sweaters) sold will give equilibrium
:
:
b. Find the equilibrium price.
:
Substitute 5 for q in either equation to find the price
p = 9q + 6
p = 9(5) + 6
p = 45 + 6
p = $51
:
Doing the same in the demand equation will confirm our solution:
p = 76 - 5q
p = 76 - 5(5)
p = 76 - 25
p = $51
:
:
Does this make sense to you now?
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