After extensive surveys, the research department of a company has determined that the supply and demand equations for a certain product are s(p) = 700p – 27300 and d(p) = 28000/p, where p is the price in dollars. Find the equilibrium point. (If your answer is $500, then write only 500, without $.)

After extensive surveys, the research department of a company has determined that the supply and demand equations for a certain product are s(p) = 700p – 27300 and d(p) = 28000/p, where p is the price in dollars. Find the equilibrium point. (If your answer is $500, then write only 500, without $.)

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter2: Fundamental Economic Concepts

Section: Chapter Questions

Problem 2E

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