1.(c) The demand for watches is given by p = 7000 − 2q dollars, and the supply of watches is given by p = 0.01q + 2q + 1000 dollars, where q is the number of watches demanded and supplied when the price per watch is p dollars. Based on the information provided, calculate the equilibrium quantity and the equilibrium price for watches.

Advanced Engineering Mathematics
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ISBN:9780470458365
Author:Erwin Kreyszig
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1.(c) The demand for watches is given by p = 7000 − 2q dollars, and the supply of watches is given by p = 0.01q + 2q + 1000 dollars,
where q is the number of watches demanded and supplied when the price per watch is p dollars. Based on the information provided, calculate the equilibrium quantity and the equilibrium price for watches.

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