Below are the supply and demand equations for blenders in a certain market. In these equations, p represents price, D represents demand, and S represents supply.What is p at the point of equilibrium, to the nearest tenth?a.56.0b.43.3c.37.4d.36.7
Accepted Solution
A:
The value of p at equilibrium will be given as follows: D=-5/8p+35 S=6/5p-44 therefore at equilibrium we shall have: 6/5p-44=-5/8p+35
solving for p we get: 6/5p+5/8p=35+44 p=3160/73 p=43.288~43.3 Answer: b. 43.3