Help with market equilibrium questions

FoxForce

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Sep 27, 2010
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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".
 
FoxForce said:
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.
You're not telling us why/where you're stuck!
Anyhoo:
2p-q-10=0
q = 2p - 10 [1]

(p+10)(q+30)=7200
pq + 30p + 10q - 6900 = 0 [2]

Substitute [1] in [2] and solve for p : did you follow that?
If not, you need classroom help in solving equations.

Post stuff like x squared this way: x^2 ; x cubed: x^3
 
Solved. Thank you for that thought-provoking, intellectually invigorating mental exercise.
 
jonah said:
Solved. Thank you for that thought-provoking, intellectually invigorating mental exercise.
Who are you and what's your point?
 
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