Respuesta :
Answer:
1) The number of books that are demanded at a price of $5 is 6
2) The number of books supplied at a price of $5 is 3
Step-by-step explanation:
We are given the following in the question:
Supply function:
[tex]p =\displaystyle\frac{1}{2}q^2[/tex]
Demand function:
[tex]p = -\displaystyle\frac{1}{2}q^2 + 20[/tex]
where p is the price and q is the quantity.
1) The number of books that are demanded at a price of $5
Putting p = 5 in the demand function we get,
[tex]5 = -\displaystyle\frac{1}{2}q^2 + 20\\\\\frac{1}{2}q^2 = 15\\\\ q^2 = 30\\q = \sqrt{30} = 5.477 \approx 6[/tex]
2) The number of books supplied at a price of $5
Putting p = 5 in the supply function we get,
[tex]5 =\displaystyle\frac{1}{2}q^2\\\\q^2 = 10\\q = \sqrt{10}\\q = 3.162 \approx 3[/tex]
