The management of Titan Tire Company has determined that the weekly demand and supply functions for their Super Titan tires are given by respectively, where p is measured in dollars and x is measured in thousands of units. Find the equilibrium quantity and price.

Question

The management of Titan Tire Company has determined that the weekly demand and supply functions for their Super Titan tires are given by  respectively, where p is measured in dollars and x is measured in thousands of units. Find the equilibrium quantity and price.

Quizplus · Accepted Answer

To find the equilibrium quantity and price, we need to set the demand and supply functions equal to each other:
- 11eaa8b1_dc89_3af0_b1b6_0bb63b16feff_TB6026_11 = 11eaa8b1_dc89_6202_b1b6_61815eeb33cf_TB6026_11
- Simplifying, we get: 25 - 2p = 3p - 5
- Solving for p, we get: p = 10
- Plugging p into either demand or supply equation, we get: x = 6
Therefore, the equilibrium quantity is 6,000 units and the equilibrium price is $10. Option B is the correct answer.

The Management of Titan Tire Company Has Determined That the Weekly