If the demand function for a commodity is given by the equation p2 + 12q = 1400 and the supply function is given by the equation 500 − p2 + 10q = 0, find the equilibrium quantity and equilibrium price. (Round your answers to two decimal places.

If the demand function for a commodity is given by the equation p2 + 12q = 1400 and the supply function is given by the equation 500 − p2 + 10q = 0, find the equilibrium quantity and equilibrium price. (Round your answers to two decimal places.

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter7: Systems Of Equations And Inequalities

Section7.1: Systems Of Linear Equations: Two Variables

Problem 2SE: If you are performing a break-even analysis for a business and their cost and revenue equations are...

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Question

If the demand function for a commodity is given by the equation p² + 12q = 1400 and the supply function is given by the equation 500 − p² + 10q = 0, find the equilibrium quantity and equilibrium price. (Round your answers to two decimal places.)

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