Question

Below are the supply and demand equations for blenders in a certain market. In these equations, p represents price, d represents demand, and s represents supply. d=-5/8p+35

s=6/5p-44 What is p at the point of equilibrium, to the nearest tenth?
a. 56.0
b. 43.3
c. 37.4
d. 36.7

Answer 1

To find the price at the point of equilibrium, we set the demand equation equal to the supply equation and solve for p, yielding a price of approximately 43.3 when rounded to the nearest tenth.

Step-by-step explanation:

To find the price p at the point of equilibrium, we set the demand equation d equal to the supply equation s. The equations given are:

• Demand: d = -5/8p + 35
• Supply: s = 6/5p - 44

At equilibrium, d = s, so we have:

-5/8p + 35 = 6/5p - 44

To find p, we combine like terms and solve for p:

-5/8p - 6/5p = -44 - 35
-25/40p - 48/40p = -79
-73/40p = -79
p = -79 / (-73/40)
p = 79 * (40/73)
p = 3160 / 73
p = 43.2877...

Rounded to the nearest tenth, p is approximately 43.3.

Therefore, the correct answer is b. 43.3.