SOLUTION: Hi: I have this word problem that I'm uncertain how to set up to solve. If someone could give me directions, I'd be grateful. Cheers! Angela Problem: "daily demand for a cer

Question 589959: Hi: I have this word problem that I'm uncertain how to set up to solve. If someone could give me directions, I'd be grateful. Cheers! Angela
Problem:
"daily demand for a certain item is 500/p, where p is the price of the item in dollars. The daily supply is 2p-1. At what price does supply equal demand?

Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
daily demand for a certain item is 500/p, where p is the price of the item in dollars. The daily supply is 2p-1.
At what price does supply equal demand?
:
They asking at what p, is the supply = to the demand, therefore
2p - 1 =
multiply both sides by p
2p^2 - p = 500
2p^2 - p - 500 = 0; a quadratic equation, use the quadratic formula

In this problem x=p; a=2; b=-1; c=-500

We only care about the positive solution here

p =
p = $16.06 is the price for equal supply and demand
:
:
see if that checks out in each equation
2(16.06) - 1 = 31.12
= 31.13, close enough

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