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Let p denote the current market price for widgets and let x denote a quantity of widgets. The price per widget and the daily supply of widgets are related by the following Supply Equation: p = 0.16x + 16. The price per widget and the daily demand for widgets are related by the following Demand Equation: p = –0.09x + 29. Find the equilibrium price for widgets in the market. Round your answer to two decimal places.

Respuesta :

MrRoyal

Answer:

[tex]x = 52.00[/tex]

Step-by-step explanation:

Given

[tex]Demand: p = 0.16x + 16[/tex]

[tex]Supply: p -0.09x + 29[/tex]

Required

Determine the equilibrium price

This is determined when Demand = Supply

So:

[tex]0.16x + 16 = -0.09x + 29[/tex]

Collect Like Terms

[tex]0.16x + 0.09x = 29 - 16[/tex]

[tex]0.25x = 13[/tex]

Solve for x

[tex]x = 13/0.25[/tex]

[tex]x = 52.00[/tex]

Hence; The equilibrium price is when x = 52.00

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