1. Equilibrium is the state at which supply and demand are balanced. A state of equilibrium is stable. If an excess of p
Posted: Thu Jul 07, 2022 2:27 pm
1. Equilibrium is the state at which supply and demand are balanced. A state of equilibrium is stable. If an excess of products or services exists, this drives prices down, which results in higher demand. However, a shortage of products or services causes prices to increase, resulting in less demand.
Given the supply and demand functions s(x) = 2x^2 + 18x + 60 and d(x) = 120 − 4x^2, where x
is the number of units and s(x) and d(x) are given in dollars,
(a) what is the equilibrium price?
(b) how many x units exist to meet this state of equilibrium?
(c) express the interval(s) where there is a surplus of product available.
(d) express the interval(s) where there is a shortage of product available.
Given the supply and demand functions s(x) = 2x^2 + 18x + 60 and d(x) = 120 − 4x^2, where x
is the number of units and s(x) and d(x) are given in dollars,
(a) what is the equilibrium price?
(b) how many x units exist to meet this state of equilibrium?
(c) express the interval(s) where there is a surplus of product available.
(d) express the interval(s) where there is a shortage of product available.