Question

When the price of a product is p dollars each, suppose that a manufacturer will supply 2p - 8 units of the product to the market and that consumers will demand to buy 300 - 2p units. At the value of p for which supply equals demand, the market is said to be in equilibrium. Find this value of p.

Answer 1

Answer:

77

Explanation:

The computation of the value of P is shown below:-

As we know that

at Market equilibrium,

Supply = Demand

So, the equation will be

Number of units supplied = Number of units in demand

2p - 8 = 300 - 2p

Now we solve it

2p + 2p = 300 + 8

4p = 308

p = 308 ÷ 4

= 77

Therefore we have solved the above equation to determine the value of the P