SOLUTION: If the supply function for a commodity is 11p+3q=66 and the demand function is 2p^2 =10-p+q, determine the equilibrium quantity and equilibrium price.

SOLUTION: If the supply function for a commodity is 11p+3q=66 and the demand function is 2p^2 =10-p+q, determine the equilibrium quantity and equilibrium price.

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Question 1049260: If the supply function for a commodity is 11p+3q=66 and the demand function is 2p^2 =10-p+q, determine the equilibrium quantity and equilibrium price.
Answer by robertb(5830) (Show Source): You can put this solution on YOUR website!
11p+3q=66 ===>

===>

===> ===>

===> (p-3)(3p +16) = 0 ====> p = 3, -16/3.

===> equilibrium price is 3 currency units, and equilibrium quantity is q = 11 units.
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