Suppose the demand function for a commodity is given by the equation p2 + 16q = 1,200 and the supply function is given by the equation 300 - p + 4g = 0. Solve the supply equation for p. p2 = Substitute this value for p in the demand equation and solve for q. Find the equilibrium quantity. Find the equilibrium price. (Round your answer to two decimal places.)

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Suppose the demand function for a commodity is given by the equation p2 + 16q = 1,200 and the supply function is given by the equation 300 – p² + 4q = 0.
Solve the supply equation for p2.
p2:
%3D
Substitute this value for p² in the demand equation and solve for q.
q =
Find the equilibrium quantity.
Find the equilibrium price. (Round your answer to two decimal places.)
%24
Transcribed Image Text:|| Suppose the demand function for a commodity is given by the equation p2 + 16q = 1,200 and the supply function is given by the equation 300 – p² + 4q = 0. Solve the supply equation for p2. p2: %3D Substitute this value for p² in the demand equation and solve for q. q = Find the equilibrium quantity. Find the equilibrium price. (Round your answer to two decimal places.) %24
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