For a supply equation p=√q+52 and demand equation p=20-q for a product, where p represents price per unit in dollars and q represents the number of units per unit of time, find the equilibrium point. ….. The equilibrium point is. (Type an ordered pair, using integers or fractions. Type an exact answer, using radicals as needed.)
For a supply equation p=√q+52 and demand equation p=20-q for a product, where p represents price per unit in dollars and q represents the number of units per unit of time, find the equilibrium point. ….. The equilibrium point is. (Type an ordered pair, using integers or fractions. Type an exact answer, using radicals as needed.)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:For a supply equation p=√q+52 and demand equation p=20-q for a product, where p represents price per unit in dollars and q represents the number of units per unit
of time, find the equilibrium point.
The equilibrium point is.
(Type an ordered pair, using integers or fractions. Type an exact answer, using radicals as needed.)
Expert Solution
Step 1
Sol:-
At the equilibrium point, the quantity supplied equals the quantity demanded. Therefore, we can set the supply equation equal to the demand equation and solve for q:
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