SOLUTION: Please help me to find the value of p. When the price of a product is p dollars each, suppose that a manufacturer will supply (2p-8) unit of the product to the market and that cons
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Question 458942: Please help me to find the value of p. When the price of a product is p dollars each, suppose that a manufacturer will supply (2p-8) unit of the product to the market and that consumers will demand to buy (300-2p) units. At the value of p for which supply equals demand, the market is said to be in the equilibrium. Answer by htmentor(1343) (Show Source):
You can put this solution on YOUR website! Setting supply equal to demand, we can write:
2p - 8 = 300 - 2p
Solve for p:
4p = 308
p = 77
So the equilibrium price is $77.
