Question

use the following information for this problem:
p=d(q)=240-6q
p=s(q)=q^2 = 28q

find: (q,p) market equilibrium point

Answer 1

hmm this is a hard one i dont know what market equilibrium point mean in math

Answer 2

neither do I haha

Answer 3

lol ok ill google it

Answer 4

the answer choices are (9, 105) or (5, 210) or (6,195) or (6, 204)

Answer 5

the above equation is supposed to be p=s(q)=q^2+28q not =28q my apologies

Answer 6

ohhh that is better

Answer 7

oohhh i think it is simple like the 2 equations have to equal each other

Answer 8

what answer did you get

Answer 9

you have to let the equation equal to each other and find your q value :)

Answer 10

240-6q=q^2+28
q^2+6q-212=0

Answer 11

ohh q is ugly numbers wait a sec

Answer 12

@hamza_b23 what answer did you get

Answer 13

ohh so q is 6 and -40 but that isnt the answer yet give a few more secs to finish off

Answer 14

okay cool thanks

Answer 15

i wld say its 6 and 204

Answer 16

ohh yes it is lol

Answer 17

really? thankyou so much

Answer 18

@samjordon do you know how to fin the producers surplus?

Answer 19

lol i can google it lol

Answer 20

thanks

Answer 21

http://answers.yahoo.com/question/index?qid=20081030102159AAEgh4Y i found smth on it that i guess i can follow

Answer 22

yea i can kind of follow it but were you able to calculate it? @samjordon

Answer 23

ohh of these formulas ok give me a sec

Answer 24

I laso need to find the consumers surplus

Answer 25

ohhh sheg u knwo this stuff no?

Answer 26

Market equibrium would be when supply is equal to demand

Answer 27

lol yeah i know lil bit not too much @samjordon

Answer 28

hahahah ok ill try this out but do u have choices for answers?

Answer 29

yea i do for consumers surplus my answer choices are 410, 108, 175, 201

Answer 30

hey in supply equation are u having q^2 = 28q????

Answer 31

no i typed it wong it is q^2+28q @sheg

Answer 32

ok now equate these two equations and solve for q

Answer 33

to get consumers surplus?

Answer 34

when demand is equal to supply what it will be called as @taffytwink

Answer 35

what answer do you get @sheg

Answer 36

i have not solved it you solve it and tell me

Answer 37

i cannot figure it out lol

Answer 38

it is
\[q^2 +28q = 240 - 6q\]
\[q^2 +28q + 6q - 240=0\]
\[q^2 + 34q -240=0\]
now solve it

Answer 39

how do I solve it?

Answer 40

give him the answer sheg :)

Answer 41

i wont @samjordon

Answer 42

lol hahahaha

Answer 43

i am heading to bed nite guys

Answer 44

@samjordon you are going to bed?! thanks for all the help

Answer 45

@sheg i still cant figure it out

Answer 46

hey buddy you want to determine the market equilibrium price and quantity right