Question

Suppose the supply and demand for a certain textbook are given by ​supply: ​demand: where p is the price and q is the quantity. Find the demand quantity and the supply quantity at a price of ​$. The number of books that are demanded at a price of ​$ is nothing and the number of books supplied at a price of ​$ is nothing. ​(Round to the nearest whole number as​ needed.) Enter your answer in each of the answer boxes.

Answer 1

1. 9 books
2. 4 books

Step-by-step explanation:

1. With the given demand function, slot the price into the function to find the quantity;

p = - 1/3 q2 + 30

5 = - 1/3 q^2 + 30

1/3q^2 = 25

q^2 = 25/(1/3)

q^2 = 75

q = √75

= 8.66

= 9 books

2. p = 1/3 * q^2

5 = 1/3 * q^2

q^2 = 5/(1/3)

q^2 = 15

q = √15

q = 3.87

= 4 books