Question

Below are the supply and demand equations for blenders in a certain market. In these equations, p represents price, D represents demand, and S represents supply. D = StartFraction negative 5 over 8 EndFraction p 35 S = StartFraction 6 over 5 EndFraction p minus 44 What is p at the point of equilibrium, to the nearest tenth? a. 56. 0 b. 43. 3 c. 37. 4 d. 36. 7.

Answer 1

The value of p at the point of equilibrium, where supply and demand are equal, is 43.3 (the nearest tenth).

What is equilibrium point of supply and demand?

The equilibrium point of supply and demand is the point where, the value of demand of a product is exactly equal to the value of supply of that product.

The supply and demand equations for blenders in a certain market is given as,

$D=\dfrac{-5}{8}p+35$

$S=\dfrac{6}{5}p-44$

Here, in these equations, p represents price, D represents demand, and S represents supply.

At the point of equilibrium, the supply and demand are equal. Therefore,

$D=S\\\dfrac{-5}{8}p+35=\dfrac{6}{5}p-44$

Solve it further to get the value of p as,

$\dfrac{6}{5}p-\dfrac{-5}{8}p=35+44\\\dfrac{6}{5}p-\dfrac{-5}{8}p=35+44\\p=\dfrac{3160}{73}\\p\approx43.3$

Hence, the value of p at the point of equilibrium, where supply and demand are equal is 43.3 (the nearest tenth).

Learn more about the equilibrium point of supply and demand here;

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