Suppose that a company has determined that the demand equation for its product is 5x + 3p - 30 = 0 where p is the price of the product in dollars when x of the product are demanded (x is given in thousands). The supply equation is given by 52x - 30 p + 45 = 0, where x is the number of units that the company will make available in the marketplace at p dollars per unit. Find the equilibrium quantity and price.
Suppose that a company has determined that the demand equation for its product is 5x + 3p - 30 = 0 where p is the price of the product in dollars when x of the product are demanded (x is given in thousands). The supply equation is given by 52x - 30 p + 45 = 0, where x is the number of units that the company will make available in the marketplace at p dollars per unit. Find the equilibrium quantity and price.
Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter12: Algebra Of Matrices
Section12.CR: Review Problem Set
Problem 37CR
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Suppose that a company has determined that the demand equation for its product is
5x + 3p - 30 = 0 where p is the price of the product in dollars when x of the product are
demanded (x is given in thousands). The supply equation is given by 52x - 30 p + 45 = 0, where
x is the number of units that the company will make available in the marketplace at p dollars per
unit. Find the equilibrium quantity and price.
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