<PRE><B>Question 197011</B>
Find the equilibrium point for the given demand and supply functions.
D(p) = (p - 62)^2
S(p) = p^2 + 4p + 2948 
Equilibrium price: pE =
Equilibrium occurs when D(p) = S(p)
(p-62)^2 = p^2 + 4p + 2948
(p-62)(p-62) = p^2 + 4p + 2948
Use FOIL on the left side to gt:
p^2 - 124p + 3844 = p^2 + 4p + 2948
Add 124p to both sides; subtract 2948 from both sides.
128p = 896
p = 7
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Equilibrium quantity: xE = 
Comment: What is E?
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Cheers,
Stan H.
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