SOLUTION: The demand and supply equations for a certain item are given by:
D = 5p + 40
S = -p^2 + 30p - 8
Find the equilibrium price..... How do I find the price when I am not sure of
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-> SOLUTION: The demand and supply equations for a certain item are given by:
D = 5p + 40
S = -p^2 + 30p - 8
Find the equilibrium price..... How do I find the price when I am not sure of
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Question 70087: The demand and supply equations for a certain item are given by:
D = 5p + 40
S = -p^2 + 30p - 8
Find the equilibrium price..... How do I find the price when I am not sure of the actual numbers? Thank you! Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! The demand and supply equations for a certain item are given by:
D = 5p + 40
S = -p^2 + 30p - 8
Find the equilibrium price.
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Equilibrium occurs when supply equal demand
EQUATION:
-p^2+30p-8=5p+40
-p^2+25p-48=0
p=[-25+-sqrt(625-4*-1*-48]/-2
p=[-25+-sqrt(625-192)]/-2
p=[-25+-sqrt(433)]/-2
p=2.09 or 22.90
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Cheers,
Stan H.
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