SOLUTION: In a certain city, the price – demand and price – supply equations for CDs are
p = 75,000/q Demand equation
p = 0.0005q + 12.5 Supply equation
Where q represents q
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Question 1048546: In a certain city, the price – demand and price – supply equations for CDs are
p = 75,000/q Demand equation
p = 0.0005q + 12.5 Supply equation
Where q represents quantity and p represents the price in dollars. Find the equilibrium
price.
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!
75,000/q = 0.0005q + 12.5
.0005q^2 + 12.5q - 75000 = 0
q = 5000 (positive solution
p = 75000/5000 = 15
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