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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Originally Posted by kcwillia377 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... please clarify the demand function ... is one of those equal signs a (+) sign?
The demand function is: pq=100+20q
, solve for ... substitute for in the first equation ... solve for ... if , if , now, which set of solutions is valid?
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