Suppose that the demand and supply for artificial Christmas trees is given by the functions below where p is the price of a tree

Question

Suppose that the demand and supply for artificial Christmas trees is given by the functions below where p is the price of a tree in dollars and q is the quantity of trees
that are demanded/supplied in hundreds. Find the price that gives the market equilibrium price and the number of trees that will be sold/bought at this price.
p=102.40 -0.10q (demand function)
p=0.01q²+4.64 (supply function)
Select the correct choice below and, if necessary, fill in the answer boxes to complete your choice.
OA. The equilibrium price of $
gives a demand that is equal to a supply of
(Simplify your answer. Type integers or simplified fractions.)
B. The equilibrium price does not exist.
hundred trees.

Kunduz · Accepted Answer

Click to see the answer