SOLUTION: I cant figure out how to begin this word problem let alone how to complete. Can you please help. Suppose the demand and prince for the HBO cable channel are related by p=-.5q+3

Question 111068: I cant figure out how to begin this word problem let alone how to complete. Can you please help.
Suppose the demand and prince for the HBO cable channel are related by p=-.5q+30.95, where p is the monthly price in dollars and q is measured in millions of subscribers. If the price and supply are related by p=.3q+2.15, what are the equilibrium quanity and price?
If it is not too much to ask can you please walk me through this problem step by step so taht I can get a better understanding of how to complete this type of problem.
Thank you so much for your help!!!! :)
Answer by scott8148(6628) (Show Source): You can put this solution on YOUR website!
equilibrium is when supply is equal to demand

-.5q+30.95=.3q+2.15 ___ this will give the equilbrium q

substitute back into either equation to get the equilibrium p
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