The demand and supply functions for your college newspaper are listed in order below: $\begin{array} { l }
q = - 14,000 p + 5,000 \
q = 4,000 p + 500
\end{array}$
Here $p$ is the price in dollars, and $q$ represents the quantity of papers that consumers will buy, or that the paper can produce. At what equilibrium price should the newspapers be sold so that there is neither a surplus nor a shortage of papers

A)25 cents per paper
B) 3 cents per paper
C) 1 cents per paper
D) 4 cents per paper
E) 2 cents per paper

Question

The demand and supply functions for your college newspaper are listed in order below: $\begin{array} { l } 
q = - 14,000 p + 5,000 \
q = 4,000 p + 500
\end{array}$  
Here $p$ is the price in dollars, and $q$ represents the quantity of papers that consumers will buy, or that the paper can produce. At what equilibrium price should the newspapers be sold so that there is neither a surplus nor a shortage of papers 
 
A)25 cents per paper
B) 3 cents per paper
C) 1 cents per paper
D) 4 cents per paper
E) 2 cents per paper

Quizplus · Accepted Answer

To find the equilibrium price, set the demand equal to the supply and solve for $p$:$-14,000p + 5,000 = 4,000p + 500$Combine like terms:$-14,000p - 4,000p = 500 - 5,000$$-18,000p = -4,500$Divide both sides by -18,000:$p = \frac{-4,500}{-18,000} = 0.25$Therefore, the equilibrium price is $0.25 or 25 cents per paper.

The Demand and Supply Functions for Your College Newspaper Are q=−14,000p+5,000q=4,000p+500\begin{array} { l } q = - 14,000 p + 5,000 \\q = 4,000 p + 500\end{array}q=−14,000p+5,000q=4,000p+500​

The Demand and Supply Functions for Your College Newspaper Are $\begin{array} { l } q = - 14,000 p + 5,000 \\q = 4,000 p + 500\end{array}$