SOLUTION: the supply function for a commodity is given by p2squared=q+5 and the demand is given by 4 p2squared + q =30 what is the market equilibrium?

Question 2149: the supply function for a commodity is given by p2squared=q+5 and the demand is given by 4 p2squared + q =30 what is the market equilibrium?
Answer by longjonsilver(2297) (Show Source): You can put this solution on YOUR website!
i have no idea what the question is asking to be honest. However, assuming it is looking for where the 2 things are equal, then this is just simultaneous equations....
- eqn1
- eqn2
sub 1 into 2 to give
4q+20+q=30
5q=10
q=2
sub this back into 1 or 2, gives p=+ or p=-
Does the -ve p answer makes sense to the question? I am not sure.

jon

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