Question

Given the supply and demand functions P = 2Q 2 S + 10Qs + 10 P = −Q 2 D − 5QD + 52 calculate the equilibrium price and quantity?​

Answer 1

The equilibrium price is $2 and the equilibrium quantity is 12 personal pizzas.

Step-by-step explanation:

To find the equilibrium price and quantity, we set the demand and supply equations equal to each other: 16-2P = 2 + 5P. By solving this equation, we get P = $2. Substituting this value back into either the demand or supply equation, we can find the equilibrium quantity, which is 12 personal pizzas.

If you prefer using graphs, you can graph the demand and supply equations on the same set of axes. The point where the two curves intersect will represent the equilibrium price and quantity, which in this case is $2 and 12 personal pizzas, respectively.

Answer 2

Equilibrium price and quantity can be found by setting the supply equal to demand: 2Qs^2 + 10Qs + 10 = -Qd^2 - 5Qd + 52. Solving for Q gives Q = 4, and substituting back into either the supply or demand function gives P = 42. Therefore, the equilibrium price is 42 and the equilibrium quantity is 4.

Step-by-step explanation: