Question

demand for a brand of clock radio is given by p+3q=390 , and the supply for these radios is given by p=7q=90 , where is the price and is the quantity demanded at price . Solve the system containing these two equations to find the price at which the quantity demanded equals the quantity supplied and the equilibrium quantity.

Answer 1

p=$300 and q=30 clock radio

Explanation:

we have

p ----> is the price

q ----> is the quantity

`p+3q=390` ----> equation A

`p-7q=90` ----> equation B

Solve the system of equations by graphing

Remember that the solution is the intersection point both graphs

using a graphing tool

The intersection point is (300,30)

see the attached figure

therefore

The solution is

p=$300

q=30 clock radio