Equilibrium Price: Skateboards The demand for your factory-made sk

Antinazius 2021-11-15 Answered
Equilibrium Price: Skateboards
The demand for your factory-made skateboards, in weekly sales, is
q=7p+50
If the selling price is $p. If you are selling them at that price, you can obtain
q=3p30
Per week from the factory. At what price should you sell your skateboards so that there is neither a shortage nor a surplus? (Round your answer to the nearest cent.)
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Expert Answer

Tamara Donohue
Answered 2021-11-16 Author has 11 answers
Step 1
Given:
Demand,
q=7p+50
Supply,
q=3p30
To find: Price, p at which neither shortage nor surplus.
Step 2
Analysis: at the equilibrium price,
demand=supply
7p+50=3p30
80=10p
8=p
or p=8
Answer: the equilibrium price is $8.
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