SOLUTION: The supply and demand functions for a product are 𝑞𝑠 = 4𝑝
2 − 500 𝑎𝑛𝑑 𝑞𝑑 = 3𝑝
2 − 20𝑝 + 1000 . Determine the
market equilibrium price and quant
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-> SOLUTION: The supply and demand functions for a product are 𝑞𝑠 = 4𝑝
2 − 500 𝑎𝑛𝑑 𝑞𝑑 = 3𝑝
2 − 20𝑝 + 1000 . Determine the
market equilibrium price and quant
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Question 1163794: The supply and demand functions for a product are 𝑞𝑠 = 4𝑝
2 − 500 𝑎𝑛𝑑 𝑞𝑑 = 3𝑝
2 − 20𝑝 + 1000 . Determine the
market equilibrium price and quantity. Also draw the supply-demand equilibrium graph. Answer by htmentor(1343) (Show Source):
You can put this solution on YOUR website! Equilibrium price and quantity are where the two curves intersect. Setting qs = qp, we can solve for p:
4p^2 - 500 = 3p^2 - 20p + 1000
p^2 + 20p - 1500 = 0
This can be factored as (p+50)(p-30) = 0
Taking the positive solution, we have p = 50
Thus the equilibrium quantity is given by 4*(30^2) - 500 = 3100
