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Suppose the supply function for a product is 2p -q - 30 = 0, while the demand function for the same product is (p+20) (q + 10) = 8,000. Solve the supply function for q. q= -70 X Substitute this value for q in the demand equation. Find the equilibrium price. $ Find the equilibrium quantity. Determine the market equilibrium point. (60,90 x ! (9, p) =

Suppose the supply function for a product is 2p -q - 30 = 0, while the demand function for the same product is (p+20) (q + 10) = 8,000. Solve the supply function for q. q= -70 X Substitute this value for q in the demand equation. Find the equilibrium price. $ Find the equilibrium quantity. Determine the market equilibrium point. (60,90 x ! (9, p) =

Advanced Engineering Mathematics
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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Suppose the supply function for a product is 2p - q - 30 = 0, while the demand function for the same product is (p + 20) (q + 10) = 8,000. Solve the supply function for q. 9 = -70 Substitute this value for q in the demand equation. Find the equilibrium price. $ Find the equilibrium quantity. Determine the market equilibrium point. (60,90 (9, p) = = X!
Transcribed Image Text:Suppose the supply function for a product is 2p - q - 30 = 0, while the demand function for the same product is (p + 20) (q + 10) = 8,000. Solve the supply function for q. 9 = -70 Substitute this value for q in the demand equation. Find the equilibrium price. $ Find the equilibrium quantity. Determine the market equilibrium point. (60,90 (9, p) = = X!
Expert Solution
Step 1

Given that the supply function for a product is 2p-q-30=02p-30=q   q=2p-30    ---1the demand function for the same product is p+20q+10=8000    ---2

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