thelazyman
Junior Member
- Joined
- Jan 14, 2006
- Messages
- 58
Hi everyone,
I was given a question to find the equilibrium price of an equation.
I was given, the demand function is x= p ^-n and the supply function is given as y = p^t
To find the equilibrum price, i took the derivatives of each and made them equal to each other.
I got,
x = - p ^-n-1 and y = p ^ t-1
So then since equilibrium is where supply and demand is equal, i get 2p = t - n - 1
I dont know if this is right, I tired doing this, can someone provide some insight to see what im doing wrong and how abouts can i get this equilibrium price?
Any help would be great, thanks.
I was given a question to find the equilibrium price of an equation.
I was given, the demand function is x= p ^-n and the supply function is given as y = p^t
To find the equilibrum price, i took the derivatives of each and made them equal to each other.
I got,
x = - p ^-n-1 and y = p ^ t-1
So then since equilibrium is where supply and demand is equal, i get 2p = t - n - 1
I dont know if this is right, I tired doing this, can someone provide some insight to see what im doing wrong and how abouts can i get this equilibrium price?
Any help would be great, thanks.