A model for the number of pounds of kiwis consumers are willing to buy, calledthe demand, is given by q = -400p + 1500, where p is the price per pound and qis the quantity in pounds. The amount of kiwis producers are willing to supply isgiven by q = 200p. Find the price for kiwis when supply and demand are equal..
Mathematics · Middle School · Thu Feb 04 2021
Answered on
4Given question gives us 2 equations:
q = -400p + 1500 …………….equation 1
q = 200p ………….equation 2
where p is the price per pound and q is the quantity in pounds
put the value of equation 2 in equation 1
200p= -400p+1500
200p+400p=1500
600p=1500
p=1500/600
p= 2.5 (price of 1 pound)
put this value in equation 2
q=200p
q=200*2.5
q=500 pounds (total quantity in pounds)
total price of kiwis = price of 1 pound*total quantity in pounds
=2.5*500
= $1250(answer)