Math

The supply function for a product is 2p-q-10=0, while the the demand function for the same product is (p+10)(q+30) = 7200. Find the market equilibrium point.

.. I think
q=656.6667
and
p= 333.33335

I think D must = S... but I don't know how do do that. Help?

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  1. from : 2p-q-10=0
    q =2p-10
    sub into the 2nd:
    (p+10)(q+30) = 7200
    (p+10)(2p-10 + 30) = 7200
    (p+10)(2p+20) = 7200
    divide by 2
    (p+10)(p+10) = 3600
    p^2 + 20p + 100 = 3600
    p^2 + 20p - 3500 = 0
    (p-50)(p+70) = 0
    p = 50 or p = -70, but p ≥ 0

    p = 50, q = 100-10 = 90

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  2. I have spent a month trying to figure this out.. Thank you. You have saved my life.

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  3. g.co

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