Question

If the demand function for a commodity is given by the equation p2 + 16q = 1200 and the supply function is given by the equation 300 − p2 + 2q = 0, find the equilibrium quantity and equilibrium price. (Round your answers to two decimal places.)

Answer 1

Answer:

p = 20, q = 50

Explanation:

p² + 16q = 1200

300 - p² + 2q = 0

By adding the two equations, we can eliminate p²:

16q + 300 + 2q = 1200

18q = 900

q = 50

Solving for p:

p² + 16(50) = 1200

p = 20