SOLUTION: Hello I created this quadratic equation and want to make sure it is correct please if you could tell me if it is right or not. if it is not can you redo the problem with the corre

Algebra ->  Quadratic Equations and Parabolas  -> Quadratic Equations Lessons -> SOLUTION: Hello I created this quadratic equation and want to make sure it is correct please if you could tell me if it is right or not. if it is not can you redo the problem with the corre      Log On


   

Question 289526: Hello I created this quadratic equation and want to make sure it is correct please if you could tell me if it is right or not. if it is not can you redo the problem with the correct parts that I might have done wrong.



Suppose the demand and price for a multiday vitamin are related by p= .0020q + 1, where p is the price (in dollars) of a 30 day supply. If the demand is related to the price by p = -.0030q + 24.99.

What are the equilibrium quantity and price?



Answer:

.0020q + 1 = -.0030q + 24.99

10q = 24.98

q = 2.498


p= .0020 (2.498) + 1 = 5.996 or $6.00

equilibrium quantity is 2.498 vitamins at an equilibrium price of $6.00

Thank you
John
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