SOLUTION: Hi guys, any help would be much appreciated! Let p = the price in dollars charged for the dose of a drug. Suppose that the annual demand (in millions of doses) = 1000 - 3p. The

Algebra ->  Expressions-with-variables -> SOLUTION: Hi guys, any help would be much appreciated! Let p = the price in dollars charged for the dose of a drug. Suppose that the annual demand (in millions of doses) = 1000 - 3p. The       Log On


   

Question 1031608: Hi guys, any help would be much appreciated!
Let p = the price in dollars charged for the dose of a drug. Suppose that the annual demand (in millions of doses) = 1000 - 3p. The annual supply (in millions of doses) = 600 + 2p. The annual supply will equal the annual demand if the price of a dose is ______ dollars.
Answer by Theo(13342) About Me  (Show Source):
You can put this solution on YOUR website!
the demand is given by d = 1000 - 3p
the supply is given by s = 600 + 2p
when the demand equals the supply, you get 1000 - 3p = 600 + 2p
subtract 600 from both sides of this equation and add 3p to both sides of this equation and you get 1000 - 600 = 2p + 3p
simplify to get 400 = 5p
divide both sides of the equation by 5 to get 80 = p
that's your solution.
1000 - 3*80 = 1000 - 240 = 760
600 + 2*80 = 600 + 160 = 760
the supply equals the demand when the price for one dose of the drug is equal to 80 dollars.