SOLUTION: The demand and supply equations for a certain item are given by
D = –5p + 40
S = –p2 + 30p – 8
Find the equilibrium price
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-> SOLUTION: The demand and supply equations for a certain item are given by
D = –5p + 40
S = –p2 + 30p – 8
Find the equilibrium price
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You can put this solution on YOUR website! The demand and supply equations for a certain item are given by
D = –5p + 40
S = –p2 + 30p – 8
Find the equilibrium price
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Equilibrium occurs when supply equals demand.
-p^2+30p-8 = -5p+40
-p^2+35p-48=0
p^2-35p+48=0
Use the quadratic formula to get:
p = [35+-sqrt(35^2-4*48]/2
p = [35+-sqrt(1033)]/2
p = [35+-32.14]/2
p = $1.43 or p =$33.57
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Cheers,
Stan H.
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