Below are the supply and demand equations for blenders in a certain market. In these equations, p represents price, D represents demand, and S represents supply.What is p at the point of equilibrium, to the nearest tenth?a.56.0b.43.3c.37.4d.36.7
Question
Answer:
The value of p at equilibrium will be given as follows:D=-5/8p+35
S=6/5p-44
therefore at equilibrium we shall have:
6/5p-44=-5/8p+35
solving for p we get:
6/5p+5/8p=35+44
p=3160/73
p=43.288~43.3
Answer: b. 43.3
solved
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