Question 1130629: Solve by using a system of equations.
The number x of smartphones a manufacturer is willing to sell is given by
x = 24p − 2500,
where p is the price, in dollars, per smartphone. The number x of smartphones a wholesale distributor is willing to purchase is given by
x = −3p + 875,
where p is the price per smartphone. Find the equilibrium price.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! The number x of smartphones a manufacturer is willing to sell is given by
x = 24p − 2500,
where p is the price, in dollars, per smartphone. The number x of smartphones a wholesale distributor is willing to purchase is given by
x = −3p + 875,
where p is the price per smartphone. Find the equilibrium price.
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Equate # sold and # purchased::
24p-2500 = -3p+875
27p = 3375
price = $125
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Cheers,
Stan H.
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