Solve the problem.Suppose that the supply and demand equations for a logo sweat

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Solve the problem.Suppose that the supply and demand equations for a logo sweat shirt in a particular week are p=55-0.1q for the demand equation; and p=0.20q+25  for the supply equation. Find the equilibrium price (p) and quantity (q).

Jul 26th, 2015

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55-0.1q=0.2q+25

55-25=0.2q-0.1q

30=0.1q

q=300

p=55-(0.1*300)

55-30

p=35

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Jul 26th, 2015

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Jul 26th, 2015
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