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Equilibrium Price The demand and supply functions for pet chias are q = − 60 p + 150 and q = 80 p − 60 , respectively, where p is the price in dollars. At what price should the chias be marked so that there is neither a surplus nor a shortage of chias? [ HINT: See Example 8.]

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Finite Mathematics

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 q = 60 p + 150 and q = 80 p 60 , respectively, where p is the price in dollars. At what price should the chias be marked so that there is neither a surplus nor a shortage of chias? [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 q=60p+150 and q=80p60 respectively.

Explanation of Solution

Given Information:

The demand and supply functions for pet chias are q=60p+150 and q=80p60 respectively.

Where p is the price in dollars.

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 q=60p+150 and q=80p60 respectively.

At equilibrium, the demand and the supply are same

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