Question

Suppose the demand function for a commodity is given by the equation p^2 + 4q = 1,800 and the supply function is given by the equation 700 - p^2 + 16q = 0. Solve the supply equation for p^2. p^2 = Substitute this value for p^2 in the demand equation and solve for q. q = Find the equilibrium quantity. Find the equilibrium price. (Round your answer to two decimal places.)

Name: suppose the demand function for a commodity is given by the equation p2 4q 1800 and the supply function is given by the equation 700 p2 16q 0 solve the supply equation for p2 p2 substitute t 02252
Uploaded: 2023-07-19T15:06:21-08:00
Duration: 2 min 16 s
Channel: Marcella Sippey
Description: suppose the demand function for a commodity is given by the equation p2 4q 1800 and the supply function is given by the equation 700 p2 16q 0 solve the supply equation for p2 p2 substitute t 02252

          Suppose the demand function for a commodity is given by the equation p^2 + 4q = 1,800 and the supply function is given by the equation 700 - p^2 + 16q = 0.

Solve the supply equation for p^2.
p^2 = 

Substitute this value for p^2 in the demand equation and solve for q.
q = 

Find the equilibrium quantity.
Find the equilibrium price. (Round your answer to two decimal places.)

Added by Luc-A R.

Precalculus with Limits

Ron Larson 2nd Edition

Instant Answer

Solved by Expert Marcella Sippey

07/19/2023

Step 1

The supply equation is given by: 700 - p2 + 16q = 0 To solve for p2, we can rearrange the equation: p2 = 700 + 16q Show more…

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Suppose the demand function for a commodity is given by the equation p^2 + 4q = 1,800 and the supply function is given by the equation 700 - p^2 + 16q = 0. Solve the supply equation for p^2. p^2 = Substitute this value for p^2 in the demand equation and solve for q. q = Find the equilibrium quantity. Find the equilibrium price. (Round your answer to two decimal places.)