Find the equilibrium quantity and equilibrium price for the commodity whose supply and demand functions are given. Supply:p=120q Demand: p= - q2 +16,000 The equilibrium quantity is q = ------------ at price p= $ -------------.
Demand: p= - q2 +16,000
We know equilibrium get established when Demand equate Supply
120q = - q2 +16,000
= q2+120q-16000 =0
By using quadratic formula we got q=80
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