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Math Help - supply and demand

  1. #1
    Junior Member
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    Feb 2008
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    supply and demand

    here are my two questions:
    1) can i use the quadratic model for suuply and the exponential model for demand to calculate the market price?
    2) how can i use the Goal Seek to find the market price? (btw the two models i obtained are in different axises.

    thanks very much if anybody could give me a hand!
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  2. #2
    MHF Contributor
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    Rule #1 - Be VERY careful with models that don't have inverses. This can lead to multiple, confusing solutions.

    Rule #2 - The quadratic model is popular, due to its simplicity, but you MUST be careful to restrict its Domain.

    Rule #3 - Speak and write with clarity. "The Quadratic Model" is insufficient. What quadratic model. I'm certain Ii could dream up a few thousand that would be entirely inappropriate.

    Where does that leave us?
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