Answer:
P = 70 cents per muffin
Step-by-step explanation:
It says to find the price when the supply and demand are equal, so you have to set the two equations equal to each other.
7700/p = 3p-100.
It seems to me that the best way to solve this would be to set up a quadratic equation.
If you multiply both sides by p and then subtract 7700, you get the following:
0=3p^2 -100p -7700
I wrote a program to solve this, and I got the answers p= 70 and -36.67.
Obviously, a negative number doesn’t work in this situation, so the answer is 70 cents per muffin. To check this, you can plug it back into the equation:
7700/70=3(70)-100
110=110
