Hello. Would someone please tell me a step by step solution on how to find the supply/demand curve, domain of those curves as well as how to find the market equilibrium based on the following equation:
40p-x+1264=0
72p-x-24=0
Hello. Would someone please tell me a step by step solution on how to find the supply/demand curve, domain of those curves as well as how to find the market equilibrium based on the following equation:
40p-x+1264=0
72p-x-24=0
can you post the entire question?
typical questions tell you the supply and demand equations, and you solve them simultaneously to find the equilibrium price. If the equations you posted are supply and demand you can do that, although they are both downwards sloping so i think you may have typoed somewhere (the supply equation normally slopes up).
You are given a pair of equations, one representing a supply curve and the other representing a demand curve, where p is the unit price for x items.
and
40p+x−1264 = 0
72p−x−24=0
a. Identify which is the supply curve and demand curve and the appropriate domain. Put the domains in interval notation . For ∞ type infinity . For more than one interval use a U to represent a ”union”. Domain of the supply curve Domain of the demand curve
b. Determine the market equilibrium. Equilibrium: x =
p=
c. Determine the revenue function. Revenue function R(x)=
d. Determine the revenue at market equilibrium.
(a) the supply curve is the upwards sloping one
(b) solve the two equations simultaneously to find equilibrium values of x and p
(c) revenue function: rearrange the demand curve into the form (x=....) , then multiply everything by p. this gives you (xp=p.....). You may recognise x*p as the total revenue.
(d) multiply the values of x and p that you obtained in part (b).