We are given the functions:
S (p) = 40 + 0.008 p^3 ---> 1
D (p) = 200 – 0.16 p^2 ---> 2
T o find for the price in which the price of supply equals demand, all we have to do is to equate the two equations, equation 1 and 2, and calculate for the value of p, therefore:
S (p) = D (p)
40 + 0.008 p^3 = 200 – 0.16 p^2
0.008 p^3 + 0.16 p^2 = 160
p^3 + 20 p^2 = 20,000
p^3 + 20 p^2 – 20,000 = 0
Calculating for the roots using the calculator gives us:
p = 21.86, -20.93±21.84i
Since price cannot be imaginary therefore:
p = 21.86
