Hello I was wondering if you could help me out with a few ho
Hello! I was wondering if you could help me out with a few homework problems! I am in a Business Math Course. Here is a problem.
Suppose supply and demand for a certain video tape are given by
supply: p= 1/3q^2 and demand: p=-1/3q^2+32
What is the equilibrium demand?
a) about 6
b) about 9
c) about 8
d) about 7
Solution
p=q
-1/3q^2+32 = 1/3q^2
2/3q^2 = 32
q =sqrt(1/48) = .14434
So, Equilibrium demand = 1/3q^2 = 16
C is the right answer
