Find the equilibrium price and quantity for the supply in demand and equations. d(p)= 14,400-5p s(p)= 1,500+2p

Question
Equations
asked 2021-02-04
Find the equilibrium price and quantity for the supply in demand and equations.
d(p)= 14,400-5p
s(p)= 1,500+2p

Answers (1)

2021-02-05
Step 1
Consider the given equations:
d(p)= 14,400-5p
s(p)= 1,500+2p
Step 2
For equilibrium demand equals supply, therefore,
d(p)=s(p)
14400-5p=1500+2p
7p=12900
p=1842.86
Step 3
Quantity for supply is determined as follows:
s(p)=1500+2p
\(\displaystyle{s}{\left({1842.86}\right)}={1500}+{2}\times{1842.86}\)
=5185.72
0

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