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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- Mar 23rd 2009, 04:59 PMkcwillia377Market equilibrium
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... - Mar 23rd 2009, 05:20 PMskeeter
- Mar 23rd 2009, 05:33 PMkcwillia377Sorry!
The demand function is:

pq=100+20q - Mar 23rd 2009, 05:48 PMskeeter

, solve for ...

substitute for in the first equation ...

solve for ...

if ,

if ,

now, which set of solutions is valid?