My professor handed out some homework the other night. We're dealing with supply, demand, equilibrium prices and such, graphs, etc...
Majority of the questions I understood, and could figure out with the help of the example problems. But the next few really stumped me. I'm not nessesarily looking for answers, but if someone could help me figure out how to go about doing these problems it'd be much appreciated.
1.) If the supply and demand functions for a certain product are given by the equations
2p-q-10=0, and (p+10)(q+30)=7200 respectively,
find the price and the quantity that give market equilibrium.
2.) Suppose that the supply and demand functions for a product for a product are
p(*squared)+22q=2000, and 550-p(squared)+7q=0, respectively.
Determine the market equilibrium-point.
*I don't know how to make a subscript 2, sorry for having to write out "squared".
Majority of the questions I understood, and could figure out with the help of the example problems. But the next few really stumped me. I'm not nessesarily looking for answers, but if someone could help me figure out how to go about doing these problems it'd be much appreciated.
1.) If the supply and demand functions for a certain product are given by the equations
2p-q-10=0, and (p+10)(q+30)=7200 respectively,
find the price and the quantity that give market equilibrium.
2.) Suppose that the supply and demand functions for a product for a product are
p(*squared)+22q=2000, and 550-p(squared)+7q=0, respectively.
Determine the market equilibrium-point.
*I don't know how to make a subscript 2, sorry for having to write out "squared".