Answer:
Equilibrium quantity = 26.92
Equilibrium price is $31.13
Step-by-step explanation:
Given :Demand function :
Supply function :
To Find : find the equilibrium quantity and equilibrium price.
Solution:
Demand function : --A
Supply function : ---B
Now to find the equilibrium quantity and equilibrium price.
Solve A and B
Subtract B from A
So, equilibrium quantity = 26.92
Substitute the value of q in A
So, equilibrium price is $31.13
Answer:
$51.12
Step-by-step explanation:
Hello there!
In number 19, we want to find the total price of a sweatshirt that costs $48 dollars but has 6.5% sales tax
Sales tax is a small percentage of the cost of an item that is added to items when they are being sold.
In this problem, 6.5% of the cost of the sweatshirt will be added to the cost of the sweatshirt in the form of sales tax. The price of the sweatshirt plus the amount in sales tax will be the total cost of the sweatshirt.
Translating that as an equation,
48 + 48*6.5%=total cost
You can calculate 48*6.5% as , which is equal to 3.12
So that means that $3.12 will be added to the cost of the sweatshirt.
Therefore,
48 + 3.12=<u>$51.12</u>, which will be the total cost of the sweatshirt, including sales tax
Hope this helps!
