Elementary and Intermediate Algebra: Concepts & Applications (6th Edition)

Published by Pearson
ISBN 10: 0-32184-874-8
ISBN 13: 978-0-32184-874-1

Chapter 8 - Systems of Linear Equations and Problem Solving - 8.8 Business and Economics Applications - 8.8 Exercise Set - Page 563: 24

Answer

$$p=40$$

Work Step by Step

We know that the equilibrium point is the intersection of the supply and demand functions. Thus, we find that the equilibrium point is: $$ 8800-30p=7000+15p\\ -45p=-1800\\ p=40$$
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