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.

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

The value of p at equilibrium will be given as follows:
D=-5/8p+35
S=6/5p-44
therefore at equilibrium we shall have:
6/5p-44=-5/8p+35

solving for p we get:
6/5p+5/8p=35+44
p=3160/73
p=43.288~43.3
Answer: b. 43.3

Answer 2

Answer:

B

Step-by-step explanation:

The point of equilibrium is the point where demand = supply.

We just equate the supply and demand equations and solve for p.

$D=S\\-\frac{5}{8}p+35=\frac{6}{5}p-44\\35+44=\frac{6}{5}p+\frac{5}{8}p\\79=\frac{73}{40}p\\p=\frac{79}{\frac{73}{40}}\\p=\frac{3160}{73}=43.29$

Rounding to nearest tenth, p = 43.3

Answer choice B is right.