Solve the problem.
-Let the demand and supply functions be represented by $ \mathrm{D}(\mathrm{p}) $ and $ \mathrm{S}(\mathrm{p}) $, where $ \mathrm{p} $ is the price in dollars. Find the equilibrium price and equilibrium quantity for the given functions.
$
\mathrm{D}(\mathrm{p})=134,750-250 \mathrm{p}
$
$ \mathrm{S}(\mathrm{p})=300 \mathrm{p} $
A) $ \$ 245 ; 73,500 $
B) $ \$ 449 ; 22,500 $
C) $ \$ 50 ; 73,500 $
D) $ \$ 50 ; 122,250 $

Question

Quizplus · Accepted Answer

Equilibrium price is found by solving $ \mathrm{D}(\mathrm{p})=\mathrm{S}(\mathrm{p}) $.$\begin{aligned}134,750-250 \mathrm{p} &=300 \mathrm{p} \\550 \mathrm{p} &=134,750 \\mathrm{p} &=\$ 245\end{aligned}$Equilibrium quantity is found by substituting the equilibrium price into either demand or supply function.$\begin{aligned}\mathrm{D}(245) &=134,750-250(245) \\&=73,500\end{aligned}$

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