Finite Math and Applied Calculus (6th Edition)

Published by Brooks Cole
ISBN 10: 1133607705
ISBN 13: 978-1-13360-770-0

Chapter 1 - Section 1.2 - Functions and Models - Exercises - Page 74: 41a

Answer

See graph below. The equilibrium price is about ${{\$}} 3.50$ .

Work Step by Step

Treat p as an independent variable (on the horizontal, "x-axis") and q as the dependent variable (on the vertical, "y- axis"). Using your graphing device, enter the formulas Demand:$\quad y=64*x^{\wedge}(-0.76)$ Supply:$\quad y=2.5*x+15.5$ Set viewing window to $[0,15]\times[0,35],$ or similar. (See attached screenshot.) The intersection point is at approximately $(3.56,24.40)$, so the price $p$ when demand=supply (the equilibrium price) is about ${{\$}} 3.50$
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