If the demand function for a commodity is given by the equation p^2 + 8q = 1400 and the supply function is given by the equation 700 - p^2 + 2q = 0, find the equilibrium quantity and equilibrium price. (Round your answers to two decimal places.)
Added by Stephanie W.
Step 1
To do this, we can set the two equations equal to each other: p2 + 8q = 1400 700 − p2 + 2q = 0 Solving for p in the second equation, we get: p2 = 700 + 2q Substituting this into the first equation, we get: (700 + 2q) + 8q = 1400 Simplifying, we Show more…
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