Question 1204039: The demand equation for the Drake GPS Navigator is
x + 4p − 463 = 0,
where x is the quantity demanded per week and p is the wholesale unit price in dollars. The supply equation
x − 15p + 1000 = 0,
where x is the quantity the supplier will make available in the market each week when the wholesale price is p dollars each. Find the equilibrium quantity and the equilibrium price for the GPS Navigators.
Found 2 solutions by ikleyn, MathLover1:
Answer by ikleyn(52787)   (Show Source):
You can put this solution on YOUR website! .
The demand equation for the Drake GPS Navigator is
x + 4p − 463 = 0,
where x is the quantity demanded per week and p is the wholesale unit price in dollars. The supply equation
x − 15p + 1000 = 0,
where x is the quantity the supplier will make available in the market each week when the wholesale price
is p dollars each. Find the equilibrium quantity and the equilibrium price for the GPS Navigators.
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When they ask about the equilibrium, they want you find the solution of the system of two equations
x + 4p − 463 = 0, (1)
x − 15p + 1000 = 0. (2)
To solve, subtract equation (2) from equation (1). You will get
4p - (-15p) -463 - 1000 = 0,
or
19p = 1463,
p = 1463/19 = 77.
Then from equation (1), x = 463 - 4*77 = 155.
ANSWER. The equilibrium is x = 155, p = 77.
Solved.
Answer by MathLover1(20850)  (Show Source):
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