Hi everyone, I need help with the following problem: In a particular city, the monthly supply and demand for a new type of tennis racket pf price p ( in $) and q (quantity) are modeled by the equatations:
{S(p)= 38p - 1710
{ D(q)= -46p + 4002 $ 45less or equal p less or equal $87.
What is the quilibrium point?
Thanks :)

Question

Hi everyone, I need help with the following problem: In a particular city, the monthly supply and demand for a new type of tennis racket pf price p ( in $) and q (quantity) are modeled by the equatations:
{S(p)= 38p - 1710
{ D(q)= -46p + 4002  $ 45less or equal p less or equal $87.  
What is the quilibrium point?
Thanks :)

phi · Answer

does D(q)= -46 q +4002 or -46 p + 4002

anonymous · Answer

Oops, sorry, it is D(p)= -46+4002

phi · Answer

you mean D(p)= -46p +4002 ?
if so, set the 2 equations equal, and solve for p

anonymous · Answer

Please explain, I really don't get this at all...

phi · Answer

S(p) goes up a p goes up.  D(p) goes down as p goes up.
the meet somewheres.
|dw:1316708544976:dw|

anonymous · Answer

something like this 38p -1710=-46p+4002
38p+46p=1710+4002
84p=5712
p=68

phi · Answer

the only thing to add, is that 
D(q)= -46p + 4002  $ 45less or equal p less or equal $87.  
so the equation is only valid for $45 <= p <= $87
so you should note that p is between these values.

anonymous · Answer

Thank for your help :)