   Chapter 4.1, Problem 60E Finite Mathematics and Applied Cal...

7th Edition
Stefan Waner + 1 other
ISBN: 9781337274203

Solutions

Chapter
Section Finite Mathematics and Applied Cal...

7th Edition
Stefan Waner + 1 other
ISBN: 9781337274203
Textbook Problem

Equilibrium Price The demand and supply functions for your college newspaper are q = − 10 , 000 p + 2 , 000 and q = 4 , 000 + 600 , respectively, where p is the price in dollars. At what price should the newspapers be sold so that there is neither a surplus nor a shortage of papers?

To determine

To calculate: The price at which the college newspaper should be sold so that there is neither a surplus nor a shortage of it, if the demand and supply functions for the newspaper are q=10,000p+2,000 and q=4,000p+600 respectively.

Explanation

Given Information:

The demand and supply functions for the newspaper are q=10,000p+2,000 and q=4,000p+600 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 the newspaper are q=10,000p+2,000 and q=4,000p+600 respectively.

At equilibrium, the demand and the supply are same

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