Answered

IDNLearn.com provides a seamless experience for finding accurate answers. Get accurate answers to your questions from our community of experts who are always ready to provide timely and relevant solutions.

find the equilibrium point for the pair of demand and supply functions. D(p)=700-32p;S(p)=380+17p   HELP!

Sagot :

Luanaidn
[tex]To\ find\ equalibrium\ point\ we\ need\ to\ compare\ D(p)\ and\ S(p)\\\\ D(p)=S(p)\\\\ 700-23p=380+17p\ \ \ |Subtract\ 17p\\\\ 700-23p-17p=380\ \ \ |Subtract\ 700\\\\ -40p=380-700\\\\ -40p=-320\ \ \ |Divided\ by\ -40\\\\ p=8\\\\ \textbf{Equilibrium\ point\ is\ p=8}.[/tex]
Cabujiidn
Equilibrium point occurs when a number input for p gives the same answer for both D(p) and S(p). to find this, we set them equal to each other and solve for p.
700-32p = 380 + 17p
-380          -380
320 - 32p = 17p
       +32p   +32p
320 = 49p
/49     /49
p = 6.5306
Thank you for using this platform to share and learn. Don't hesitate to keep asking and answering. We value every contribution you make. Thank you for visiting IDNLearn.com. We’re here to provide dependable answers, so visit us again soon.