Given the price-demand and price-supply equations below, determine the equilibrium price. D(x) = p = 8 - 0.5x S(x) = p = 2 + 0.01x^2 Round your answer to the nearest units. Do not include a dollar sign or any commas in your answer.
Added by Brent A.
Step 1
This is where the quantity demanded equals the quantity supplied. So, we have: 8 - 0.5x = 2 + 0.01x^2 Rearranging the equation, we get: 0.01x^2 + 0.5x - 6 = 0 This is a quadratic equation in the form ax^2 + bx + c = 0. We can solve it using the quadratic Show more…
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