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Question

The supply function for a product is given by $p=q^2+500$ and the demand function for this product is p=1124-40q, where p is the price in dollars and q is the number of hundreds of units. Find the price that gives market equilibrium and the equilibrium quantity.

Solution

VerifiedAnswered 11 months ago

Answered 11 months ago

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1 of 7In this task, we are interested in finding the price that gives market equilibrium and the equilibrium quantity.

*How do we find the price that gives market equilibrium and the equilibrium quantity ?*

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