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7th Edition

Stefan Waner + 1 other

Publisher: Cengage Learning

ISBN: 9781337280426

Chapter 3.1, Problem 59E

Textbook Problem

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**Equilibrium Price** The demand and supply functions for pet chias are
**HINT:** See Example 8.]

To determine

**To calculate:** The price at which chias should be marked in such a manner that there is neither a surplus nor a shortage of it, if the demand and supply functions for pet chias are

**Given Information:**

The demand and supply functions for pet chias are

Where

**Formula used:**

The demand and supply are equal when they are in equilibrium, which means there is neither a shortage nor a surplus situation and the value of *p* is known as equilibrium price and the value of *q* is equilibrium demand.

**Calculation:**

Consider the problem,

The demand and supply functions for pet chias are

At equilibrium, the demand and the supply are same

Finite Mathematics

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