Solve the problem.
-Suppose the price $p$ of bolts is related to the quantity $q$ that is demanded by:
$$p=620-4 q^{2}$$
Where $\mathrm{q}$ is measured in hundreds of bolts. Suppose the supply function for bolts is given by
$$\mathrm{p}=4 \mathrm{q}^{2}$$
Where $\mathrm{q}$ is the number of bolts (in hundreds) that are supplied at price $\mathrm{p}$. Find the equilibrium price.
A) $\$ 620$
B) $\$ 9$
C) $\$ 325$
D) $\$ 310$

Question

Quizplus · Accepted Answer

To find the equilibrium price, set the demand and supply equations equal: $620 - 4q^2 = 4q^2$. Solving for $q$, we get $q^2 = 77.5$. Substituting back into either equation, the equilibrium price $p = 4(77.5) = 310$.

Solve the Problem ppp Of Bolts Is Related to the Quantity qqq

Solve the Problem $p$ Of Bolts Is Related to the Quantity $q$