SOLUTION: The demand and supply equations for a certain item are given by D = –5p + 40 S = –p2 + 30p – 8 Find the equilibrium price.

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Question 95457: The demand and supply equations for a certain item are given by
D = –5p + 40
S = –p2 + 30p – 8
Find the equilibrium price.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Set the demand equal to the supply and solve for "p"
D = –5p + 40
S = –p2 + 30p – 8
Find the equilibrium price.
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-5p+40 = -p^2+30p-8
p^2-35p+48 = 0
Use the quadratic formula to find "p":
p = [35+-sqrt(35^2-4*1*48]/2
p = [35 +- sqrt(1033)]/2
p = [35 +- 32.14..]/2
p = $33.57 or p = $1.43
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Cheers,
Stan H.




Cheers,
Stan H.