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Assume the supply and demand functions for a manufacturing company are: Supply: p= 2/3q-250 Demand: p= -4/3q + 750 where p is the price per unit in dollars and q is the quantity in units. Find the equilibrium
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Jun 6, 2023
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Assume the supply and demand functions for a manufacturing company are:
Supply: p= 2/3q-250 Demand: p= -4/3q + 750
where p is the price per unit in dollars and q is the quantity in units. Find the equilibrium quantity.
O 1,000
750
O250
O 100
O 500
Mathematics
college
Yijing Shi
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Yijing Shi
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500.
The equilibrium quantity is the number that makes the values for supply and demand equal. To solve for this set the expressions equal to each other and solve for q. 2/3q-250=-4/3q+750. Take -250 to the other side by adding 250 to both sides. Then take -4/3 to the other side by adding 4/3. 6/3q=1000. 2q=1000. Divide 1000 by 2. 500. Q=500. This means that at 500 units the supply and demand functions are equal.
Sylvestre
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Jun 11, 2023
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Sylvestre
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