SOLUTION: A certain product has supply and demand functions given by p=7q+21 and p=329-4q, respectively, where p is the pice in dollars and q is the quantity supplied or demanded at price p.
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Question 1033134: A certain product has supply and demand functions given by p=7q+21 and p=329-4q, respectively, where p is the pice in dollars and q is the quantity supplied or demanded at price p. What price give market equilibrium? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! Set 7q+21=329-4q, since each side is equal to the same p.
11q=308
q=28
Solve for p
p=7(28)+21
=$217.
check with other
329-4(28)=$217.
