Solve the system graphically.
-The supply function for a product is given by $p = q ^ { 2 } + 3 q + 125$ and the demand is given by $p = 555 - 30 q$, where $\mathrm { p }$ is the price in dollars and $\mathrm { q }$ is the number of hundreds of units. Find the price that gives market equilibrium and the equilibrium quantity.
A) $305; 1200 units
B) $100; 555 units
C) $255; 1000 units
D) $10; 255 units

Question

Quizplus · Accepted Answer

To find the equilibrium, set the supply and demand equations equal: $q^2 + 3q + 125 = 555 - 30q$. Solving this gives $q = 10$ (1000 units). Substitute $q = 10$ into either equation to find $p = 255$.

Solve the System Graphically p=q2+3q+125p = q ^ { 2 } + 3 q + 125p=q2+3q+125

Solve the System Graphically $p = q ^ { 2 } + 3 q + 125$