The supply function is 2p-q=50.
Demand function is pq=100=20q.
What are the price and quantity of market equilibrium?
I can't figure this out. I think you have to isolate "p" and set the two equations equal to each other...but I can't solve it...
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The supply function is 2p-q=50.
Demand function is pq=100=20q.
What are the price and quantity of market equilibrium?
I can't figure this out. I think you have to isolate "p" and set the two equations equal to each other...but I can't solve it...
Quote:
Originally Posted by kcwillia377
please clarify the demand function ... is one of those equal signs a (+) sign?
The demand function is:
pq=100+20q
, solve for
...
substitutefor
solve for...
if,
if,
now, which set of solutions is valid?