QUICK! Use long dvision to find a repeated decimal equlvalency for the fraction. Include all of your work as part of your final
1 answer:
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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)