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Math test question I just did.

  1. Oct 6, 2011 #1
    1. The problem statement, all variables and given/known data
    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)




    2. Relevant 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.
     
  2. jcsd
  3. Oct 6, 2011 #2

    Mark44

    Staff: Mentor

    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.
     
  4. Oct 6, 2011 #3

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

    and p=(3q+630)/(q+30) for demand
     
  5. Oct 6, 2011 #4

    Mark44

    Staff: Mentor

    Much better.

    I get q = 150, too.

    Good job!
     
  6. Oct 7, 2011 #5
    thanks thats 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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