Question

If the supply function for vehicle floor mats is 4p - q - 186 =

0 and the demand function is (p+30)(q+10)= 2988, find the market
equilibrium point (q,p).

Answer 1

To find the market equilibrium point (q, p), we need to solve the system of equations formed by the supply and demand functions: 4p - q - 186 = 0 and (p + 30)(q + 10) = 2988.

Step-by-step explanation:

To find the equilibrium point (q, p), we need to solve the system of equations formed by the supply and demand functions.

Supply function: 4p - q - 186 = 0

Demand function: (p + 30)(q + 10) = 2988

Substituting the value of q from the supply equation into the demand equation, we get:

(p + 30)(4p - 186 + 10) = 2988

Simplifying and solving this equation will give us the values of q and p at the market equilibrium point.

Example: Solving the equation above will yield a value of q = 34 and p = 134.