• Support PF! Buy your school textbooks, materials and every day products Here!

Supply and demand functions for butter pecan ice cream

  • Thread starter gillgill
  • Start date
128
0
Let supply and demand functions for butter pecan ice cream given by
p=S(q)= 2/5q and p=D(q)=100 - 2/5q
where p is the price in dollars and q is the number of 10-gallon tubs.
Find the equilibrium quantity and the equilibrium price.
do i just set them equal to each other??

2/5q=100-2/5q
equilibrium q=125
equilibrium p=50
are these answers correct?
 

Answers and Replies

HallsofIvy
Science Advisor
Homework Helper
41,732
893
Yes, they are correct.

You didn't really need someone to tell you that did you? Just put p= 50,q= 125 into the equations and see if they are correct:
p= (2/5)q= (2/5)(125)= 2(25)= 50 is correct and
p= 100- (2/4)q= 100- 50= 50 is correct.
 
128
0
coz someone told me that they are not correct....so i just want to make sure...
thanks...i have another question
Suppose a cost-benefit model is given by
y=(6.5x)/(102-x)
where y is the cost in thousands of dollars of removing x percent of a certian pollutant.
a) find the cost of removing each percent of pollutants:
0%, 80%, 100%
do i just sub in 0, 0.8 and 1 in the equation where it has x?? or u sub in 1, 80 and 100?
 

Related Threads for: Supply and demand functions for butter pecan ice cream

  • Last Post
Replies
1
Views
1K
  • Last Post
Replies
2
Views
4K
Replies
9
Views
3K
Replies
2
Views
3K
  • Last Post
Replies
1
Views
13K
  • Last Post
Replies
1
Views
4K
  • Last Post
Replies
2
Views
1K
Top