SOLUTION: the supply function for a commodity is given by p2squared=q+5 and the demand is given by 4 p2squared + q =30 what is the market equilibrium?

Algebra ->  Quadratic Equations and Parabolas  -> Quadratic Equations Lessons -> SOLUTION: the supply function for a commodity is given by p2squared=q+5 and the demand is given by 4 p2squared + q =30 what is the market equilibrium?      Log On


   

Question 2149: the supply function for a commodity is given by p2squared=q+5 and the demand is given by 4 p2squared + q =30 what is the market equilibrium?
Answer by longjonsilver(2297) About Me  (Show Source):
You can put this solution on YOUR website!
i have no idea what the question is asking to be honest. However, assuming it is looking for where the 2 things are equal, then this is just simultaneous equations....
p%5E2+=+q%2B5 - eqn1
4p%5E2+%2B+q+=+30 - eqn2
sub 1 into 2 to give 4%28q%2B5%29%2Bq=30
4q+20+q=30
5q=10
q=2
sub this back into 1 or 2, gives p=+sqrt%287%29 or p=-sqrt%287%29
Does the -ve p answer makes sense to the question? I am not sure.


jon