SOLUTION: The demand for a book is given by q = −1,000p + 120,000 copies per year, where p is the price per book in dollars. The supply is given by q = 2,000p + 90,000 copies p

Algebra ->  Test -> SOLUTION: The demand for a book is given by q = −1,000p + 120,000 copies per year, where p is the price per book in dollars. The supply is given by q = 2,000p + 90,000 copies p      Log On


   

Question 1113063: The demand for a book is given by
q = −1,000p + 120,000
copies per year, where p is the price per book in dollars. The supply is given by
q = 2,000p + 90,000 copies
per year. Find the price at which supply and demand balance.
Answer by greenestamps(13195) About Me  (Show Source):
You can put this solution on YOUR website!


(1): Set the two given expressions for q equal to each other and solve for p.
q = -1,000p + 120,000; q = 2,000p + 90,000 --> -1,000p + 120,000 = 2,000p + 90,000

(2) (not required; because the problem only asked for the price when supply and demand balance): plug the value of p into either original equation and solve for q.