SOLUTION: The question is The demand and supply functions of a local shoe retailer are D(p)= 2000-60p S(p)=460+94p Where p is the price in dollars a) find those values of p for which

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Question 412284: The question is
The demand and supply functions of a local shoe retailer are
D(p)= 2000-60p
S(p)=460+94p
Where p is the price in dollars
a) find those values of p for which demand exceeds supply
b) find those value of p for which demand is less than supply

This is how I am setting it up
2000-60p=460+94p
2000-460=1530
94p+60p= 154p
1530/154p
p=
I just do not think that I am setting this problem up correctly and am confused on how to work it out

Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!

Hi
D(p)= 2000-60p
S(p)=460+94p |Where p is the price in dollars
a) find those values of p for which demand exceeds supply
2000-60P > 460 + 94p
2460 > 154p
$15.97 > p |when p < $15.97
b) find those value of p for which demand is less than supply
2000-60P < 460 + 94p
2460 < 154p |when p > $15.97


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