SOLUTION: Find the equilibrium point for the given demand and supply functions. D(p) = (p - 62)2 S(p) = p2 + 4p + 2948 Equilibrium price: pE = Equilibrium quantity: xE = can someo

Question 197011: Find the equilibrium point for the given demand and supply functions.
D(p) = (p - 62)2
S(p) = p2 + 4p + 2948
Equilibrium price: pE =
Equilibrium quantity: xE =
can someone help please
thanks
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Find the equilibrium point for the given demand and supply functions.
D(p) = (p - 62)^2
S(p) = p^2 + 4p + 2948
Equilibrium price: pE =
Equilibrium occurs when D(p) = S(p)
(p-62)^2 = p^2 + 4p + 2948
(p-62)(p-62) = p^2 + 4p + 2948
Use FOIL on the left side to gt:
p^2 - 124p + 3844 = p^2 + 4p + 2948
Add 124p to both sides; subtract 2948 from both sides.
128p = 896
p = 7
---------------------------
Equilibrium quantity: xE =
Comment: What is E?
---------------------------
Cheers,
Stan H.

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