The demand for watches is given by p = 7000 − 2q dollars,and the supply of watches is given by p = 0.01q^2+ 2q + 1000 dollars,where q is the number of watches demanded and supplied when the price perwatch is p dollars. Based on the information provided, calculate the equilibriumquantity and the equilibrium price for watches.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter3: Functions
Section3.3: Rates Of Change And Behavior Of Graphs
Problem 3SE: How are the absolute maximum and minimum similar to and different from the local extrema?
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The demand for watches is given by p = 7000 − 2q dollars,
and the supply of watches is given by p = 0.01q^2
+ 2q + 1000 dollars,
where q is the number of watches demanded and supplied when the price per
watch is p dollars. Based on the information provided, calculate the equilibrium
quantity and the equilibrium price for watches.

 

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