Question

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The supply and demand curves for a business dealing with wheat are:

Supply: p = 1.55 + 0.00014x^2
Demand: p = (2.358 - 0.007x)^2
where p is the price in dollars per bushel and x is the quantity in bushels per day. Use a graphing utility to graph the supply and demand equations and find the market equilibrium. (The market equilibrium is the point of intersection of the graphs for x > 0. Round your answers to 2 decimal places.)
x= ________ bushels
p = $_________

Answer 1

x = 96.05 bushels

p = $2.84

Explanation:

Graph the two equations (see attachment).

The market equilibrium is the point of intersection of the graphs for x > 0.

From inspection of the graph, the point of intersection is (96.05, 2.84).

Therefore:

• x = 96.05 bushels
• p = $2.84

Answer 2

Given curves:

• p = 1.55 + 0.00014x²
• p = (2.358 - 0.007x)²

See the attached, where both curves and their intersection is shown.

According to this we have:

• x = 96.05
• p = $2.84