Math test question I just did.

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In summary, the equilibrium value of q is 150 and the market clearing price p is $6 for the given supply and demand functions. The graph should be sketched accordingly.
  • #1
davie08
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Homework Statement


find the equilibrium value of q and the market clearing price p for each of the supply and demand functions. sketch the graph.
p= 8q/q+50, q+50 , q> 0 (supply)

p=3q+630/q+30, q>0 (demand)

Homework Equations


3. The Attempt at a Solution [/b

okay so I worked this out on the test to be:

q=150 and p=$6

I know how to do the graph. but this same question is in my book where a lot of answers have been wrong and it says q=92.8 and p=5.20.

So I just want to have this answer confirmed thanks.
 
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  • #2
davie08 said:

Homework Statement


find the equilibrium value of q and the market clearing price p for each of the supply and demand functions. sketch the graph.



p= 8q/q+50, q+50 , q> 0 (supply)

p=3q+630/q+30, q>0 (demand)
Is your supply equation p = 8q/(q + 50)? If so, USE PARENTHESES! What you wrote simplifies to p = 8 + 50 = 58, and I don't think that's what you meant.
Also, why does q + 50 appear twice?

In your demand equation, is it p = 3q + (630/q) + 30?
If not, USE PARENTHESES so that we can tell what you mean.
davie08 said:

Homework Equations





3. The Attempt at a Solution [/b

okay so I worked this out on the test to be:

q=150 and p=$6

I know how to do the graph. but this same question is in my book where a lot of answers have been wrong and it says q=92.8 and p=5.20.

So I just want to have this answer confirmed thanks.
 
  • #3
Mark44 said:
Is your supply equation p = 8q/(q + 50)? If so, USE PARENTHESES! What you wrote simplifies to p = 8 + 50 = 58, and I don't think that's what you meant.
Also, why does q + 50 appear twice?

In your demand equation, is it p = 3q + (630/q) + 30?
If not, USE PARENTHESES so that we can tell what you mean.


sorry its p=8q/(q+50) for supply

and p=(3q+630)/(q+30) for demand
 
  • #5
thanks that's a relief I feel like I should definitely be over 80% for this test, and I'll need that because the next unit is everyone's favorite derivatives.
 

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