document.write( "Question 1045240: Please help me with this. Detailed workings are very much appreciated, thanks!
\n" ); document.write( "The weekly demand and supply functions for a type of watch is given by
\n" ); document.write( "p=-0.1x^2-x+40 and p=0.1x^2+2x+20 respectively,
\n" ); document.write( "where p is measured in dollars and x is measured in units of a hundred. Find the equilibrium quantity and price. \n" ); document.write( "

Algebra.Com's Answer #660683 by MathTherapy(10552) $\"\"$ $\"About$

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\n" ); document.write( "Please help me with this. Detailed workings are very much appreciated, thanks!
\n" ); document.write( "The weekly demand and supply functions for a type of watch is given by
\n" ); document.write( "p=-0.1x^2-x+40 and p=0.1x^2+2x+20 respectively,
\n" ); document.write( "where p is measured in dollars and x is measured in units of a hundred. Find the equilibrium quantity and price.
\n" ); document.write( "

Equilibrium quantity (x) and equilibrium price (p) occur when demand equals supply.
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document.write( "We then equate the demand and supply functions, to get: 
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document.write( " ------ Multiplying equation by 5 to get rid of the decimal
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document.write( "(x - 5)(x + 20) = 0
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document.write( "x, or equilibrium quantity = \r
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document.write( " ------- Substituting 5 for x in demand function (could've also substituted 5 in the supply function)
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document.write( "p = - 0.1(25) - 5 + 40
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document.write( "p = - 2.5 - 5 + 40
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document.write( "p, or equilibrium price =  \n" );
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