Question
Asked Jan 25, 2020
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The demand equation for the BWS Bluetooth wireless loudspeaker is
p = −0.03x + 210
where x is the quantity demanded per month and p is the unit price in dollars. The corresponding supply equation is given by
p = 0.015x + 30
where x is the quantity demanded per month and p is the unit price in dollars. Find the equilibrium quantity and the equilibrium price for the BWS Bluetooth wireless loudspeakers.
equilibrium quantity        units
equilibrium price     $  
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Expert Answer

Step 1

The equilibrium point is the point where demand equation and supply equation is equal.

Step 2

Determine the equilibrium point.

Advanced Math homework question answer, step 2, image 1
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Step 3

Calculate equilibrium price by substitu...

Advanced Math homework question answer, step 3, image 1
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