SOLUTION: In a certain city, the price – demand and price – supply equations for CDs are p = 75,000/q Demand equation p = 0.0005q + 12.5 Supply equation Where q represents q

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: In a certain city, the price – demand and price – supply equations for CDs are p = 75,000/q Demand equation p = 0.0005q + 12.5 Supply equation Where q represents q      Log On


   

Question 1048546: In a certain city, the price – demand and price – supply equations for CDs are
p = 75,000/q Demand equation

p = 0.0005q + 12.5 Supply equation
Where q represents quantity and p represents the price in dollars. Find the equilibrium
price.
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
75,000/q = 0.0005q + 12.5
.0005q^2 + 12.5q - 75000 = 0
q = 5000 (positive solution
p = 75000/5000 = 15