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If the demand function for a commodity is given by the equation p2 + 16q = 1200 and the supply function is given by the equation 300 − p2 + 10q = 0, find the equilibrium quantity and equilibrium price. (Round your answers to two decimal places.)

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MrRoyal

The equilibrium quantity and equilibrium price are 34.62 and 25.42 respectively

How to find the equilibrium quantity and equilibrium price?

The functions are given as

Demand: p^2 + 16q= 1200

Supply function: 300 - p^2 + 10q

Rewrite the demand function as

p^2 + 16q - 1200 = 0

At equilibrium, demand  = supply

So, we have:

p^2 + 16q - 1200 = 300 - p^2 + 10q

Using a graphing calculator, we have:

p = 25.42 and q = 34.62

Hence, the equilibrium quantity and equilibrium price are 34.62 and 25.42 respectively

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https://brainly.com/question/20875678

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