Answer:
the demand quantity and the supply quantity at a price of $15 is 8 units
Explanation:
Supply, P = 1/4 Q²
Demand, P = - 1/4 Q²+30
If P = 15
Quantity Demanded will be 15 = -0.25Q²+30;
if we move 30 across the equality sign.
Therefore -0.25Q²=-15; divide both sides by -0.25;
Q² = 60, Q = 7.746, approximately 8 units
Quantity Supplied will be 15 = 1/4 Q², dividing both sides by 1/4
Q² = 60, Q = 7.746, approximately 8.
Answer:
The number of books that are demanded at a price of $15 is 8
The number of books supplied at a price of $15 is 8
Explanation:
Given the supply and demand function of the textbook, p = 1/4 q2, and p = - 1/4 q2 + 30 respectively, where p and q is the price and quantity respectively,
The quantity supplied at the price of $15 would be:
p = 1/4 q2
p = ¼ × q2
p = q2/4
15 = q2/4
15 × 4 = q2
60 = q2
q = 7.75 ≈ 8 (square root of 60)
The quantity demanded at the price of $15 would be:
p = - 1/4 q2 + 30
p = - q2/4 + 30
p – 30 = - q2/4
(p – 30) (4) = - q2
(15 – 30) (4) = - q2
( – 15) (4) = - q2
– 60 = – q2
60 = q2
q = 7.75 ≈ 8 (square root of 60)
