SOLUTION: Given the supply equation p=(q/1600)+9 and the demand equation p=−(q/2400)+17, find the equilibrium point.
Quantity = ?
Price = ?
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Question 1067255: Given the supply equation p=(q/1600)+9 and the demand equation p=−(q/2400)+17, find the equilibrium point.
Quantity = ?
Price = ?
Answer by htmentor(1343) (Show Source): You can put this solution on YOUR website!
The equilibrium point is the point where supply and demand are equal.
We need to find the quantity, q, at the equilibrium price, p.
Setting supply equal to demand we have:
q/1600+9 = -q/2400+17
Solving for q gives q = 7680.
Now we can use either equation to get the price:
p = 7680/1600+9 = $13.80
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