document.write( "Question 1204039: The demand equation for the Drake GPS Navigator is
\n" ); document.write( "x + 4p − 463 = 0,
\n" ); document.write( " where x is the quantity demanded per week and p is the wholesale unit price in dollars. The supply equation
\n" ); document.write( "x − 15p + 1000 = 0,
\n" ); document.write( " where x is the quantity the supplier will make available in the market each week when the wholesale price is p dollars each. Find the equilibrium quantity and the equilibrium price for the GPS Navigators. \n" ); document.write( "

Algebra.Com's Answer #840044 by ikleyn(52781) $\"\"$ $\"About$

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\n" ); document.write( "The demand equation for the Drake GPS Navigator is
\n" ); document.write( "x + 4p − 463 = 0,
\n" ); document.write( "where x is the quantity demanded per week and p is the wholesale unit price in dollars. The supply equation
\n" ); document.write( "x − 15p + 1000 = 0,
\n" ); document.write( "where x is the quantity the supplier will make available in the market each week when the wholesale price
\n" ); document.write( "is p dollars each. Find the equilibrium quantity and the equilibrium price for the GPS Navigators.
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document.write( "When they ask about the equilibrium, they want you find the solution of the system of two equations\r\n" );
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document.write( "    x +  4p −  463 = 0,    (1)\r\n" );
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document.write( "    x − 15p + 1000 = 0.    (2)\r\n" );
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document.write( "To solve, subtract equation (2) from equation (1).  You will get\r\n" );
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document.write( "         4p - (-15p) -463 - 1000 = 0,\r\n" );
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document.write( "or\r\n" );
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document.write( "         19p = 1463,\r\n" );
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document.write( "           p = 1463/19 = 77.\r\n" );
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document.write( "Then from equation (1),  x = 463 - 4*77 = 155.\r\n" );
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document.write( "ANSWER.  The equilibrium is  x = 155, p = 77.\r\n" );
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