SOLUTION: The supply and demand functions for a product are 𝑞𝑠 = 𝑝
2 − 300 𝑎𝑛𝑑 𝑞𝑑 = 𝑝
2 − 30𝑝 + 2200 . Determine the
market equilibrium price and quantit
Algebra.Com
Question 1163793: The supply and demand functions for a product are 𝑞𝑠 = 𝑝
2 − 300 𝑎𝑛𝑑 𝑞𝑑 = 𝑝
2 − 30𝑝 + 2200 . Determine the
market equilibrium price and quantity.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Set the supply function equal to the demand function and solve for equilibrium price. Then evaluate either function at equilibrium price to find the equilibrium quantity.
John
My calculator said it, I believe it, that settles it
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