SOLUTION: Find the equilibrium quantity and equilibrium price for the commodity whose supply and demand functions are given.
Supply: p=140q Demand: p= -q^2+12,000
The equilibrium quant
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Question 1154435: Find the equilibrium quantity and equilibrium price for the commodity whose supply and demand functions are given.
Supply: p=140q Demand: p= -q^2+12,000
The equilibrium quantity is q= ____ at price p= $____
Answer by MathLover1(20849) (Show Source): You can put this solution on YOUR website!
given:
Supply:
........eq.1
Demand:
........eq.2
equilibrium is when Supply=Demand
.......solve for
=> or ( disregard negative solution)
go to
........eq.1, substitute
The equilibrium quantity is at price =$
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