If the demand function for a commodity is given by the equation p^2 + 8q = 1600 and the supply function is given by the equation 300 - p^2 + 14q = 0, find the equilibrium quantity and equilibrium price. (Round your answers to two decimal places.)
Added by Cristian S.
Step 1
Step 1: Rearrange the supply function to solve for p: \(300 - p^2 + 14q = 0\) \(300 + 14q = p^2\) \(p^2 = 300 + 14q\) Show more…
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