q = 2р - 30 Substitute this value for q in the demand equation. Find the equilibrium price. Find the equilibrium quantity. Determine the market equilibrium point. (q, p) =

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Hello, attached is the question I need help with. I answer the first one but now im stick. Thank you so much for your help its greatly appreciated. 

Suppose the supply function for a product is 2p – q - 30 = 0, while the demand function for the same product is (p + 20)(q + 10) = 8,000.
|
Solve the supply function for q.
q = 2p – 30
|
Substitute this value for q in the demand equation.
Find the equilibrium price.
%24
Find the equilibrium quantity.
Determine the market equilibrium point.
(9, р) %3D
||
Transcribed Image Text:Suppose the supply function for a product is 2p – q - 30 = 0, while the demand function for the same product is (p + 20)(q + 10) = 8,000. | Solve the supply function for q. q = 2p – 30 | Substitute this value for q in the demand equation. Find the equilibrium price. %24 Find the equilibrium quantity. Determine the market equilibrium point. (9, р) %3D ||
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