SOLUTION: If the supply function for a commodity is 11p+3q=66 and the demand function is 2p^2 =10-p+q, determine the equilibrium quantity and equilibrium price.

Algebra ->  Finance -> SOLUTION: If the supply function for a commodity is 11p+3q=66 and the demand function is 2p^2 =10-p+q, determine the equilibrium quantity and equilibrium price.       Log On


   

Question 1049260: If the supply function for a commodity is 11p+3q=66 and the demand function is 2p^2 =10-p+q, determine the equilibrium quantity and equilibrium price.
Answer by robertb(5830) About Me  (Show Source):
You can put this solution on YOUR website!
11p+3q=66 ===> q+=+22-%2811%2F3%29p

===> 2p%5E2+=10-p%2Bq+=+10-p%2B++22-%2811%2F3%29p+=+32+-+%2814%2F3%29p

===> 2p%5E2+=+32+-+%2814%2F3%29p ===> 3p%5E2+%2B+7p+-48+=+0

===> (p-3)(3p +16) = 0 ====> p = 3, -16/3.

===> equilibrium price is 3 currency units, and equilibrium quantity is q = 11 units.