The demand equation for kitchen ovens is given by the equation
1 answer:
Answer:
The equilibrium point is (3, 3620)
Step-by-step explanation:
We set the supply and the demand equation equal to each other and solve:
We can solve by factoring:
Setting each factor equal to zero we get:
Only a positive quantity makes sense, so q=3 is the equilibrium quantity.
To get the equilibrium price we just plug 3 in place of q in any of the functions. Let us use the demand function which is easier to handle:
Therefore the equilibrium price is p=3620
In ordered pair form the equilibrium point is (3, 3620)
You might be interested in
We are given the two functions 
and 
. Since the question is asking us for the value of x when f(x) is equal to g(x), all we need to do is equate the respective expressions together. This is what the result should be:
Now, just solve for x. If you want to save some time, you can use logic and then algebra. To do this, look at the square root. We cannot have an imaginary number, so we can rule out the first two options. Now, we are left with x = 2 and x = 4. When we plug in each x-value to the equation, only 4 works out with a result of 0.5 = 0.5. Therefore, the solution to f(x) = g(x) is D) x = 4. Hope this helps and have a great day!
Now, just solve for x. If you want to save some time, you can use logic and then algebra. To do this, look at the square root. We cannot have an imaginary number, so we can rule out the first two options. Now, we are left with x = 2 and x = 4. When we plug in each x-value to the equation, only 4 works out with a result of 0.5 = 0.5. Therefore, the solution to f(x) = g(x) is D) x = 4. Hope this helps and have a great day!