SOLUTION: The supply and demand functions for chocolate ice cream are give by
{{{S(p)= (1/6)p}}} and {{{ D (p)= 9 -(1/3)p}}},
where p represents the price in dollars.
Find the equilibru
Algebra ->
Coordinate Systems and Linear Equations
-> SOLUTION: The supply and demand functions for chocolate ice cream are give by
{{{S(p)= (1/6)p}}} and {{{ D (p)= 9 -(1/3)p}}},
where p represents the price in dollars.
Find the equilibru
Log On
Question 316405: The supply and demand functions for chocolate ice cream are give by and ,
where p represents the price in dollars.
Find the equilibruim price. Answer by moshiz08(60) (Show Source):
You can put this solution on YOUR website! Supply and demand are both functions of price. At the equilibrium price, supply equals demand. Thus, we are looking for a value of p such that S(p)=D(p). That is,
and we must solve for p.
We can add from both sides to get:
Combining the like terms on the left side gives
Thus, multiplying by 2 on both sides gives .
Now we check: at p = 18, S(p)= and D(p)=, so the supply and demand are both equal to 3.
