The supply and demand curves for a business dealing with wheat are Supply: p = 1.59 + 0.00016x^2 Demand: p = (2.388 − 0.008x)^2

Question

The supply and demand curves for a business dealing with wheat are

Supply:p = 1.59 + 0.00016x²

Demand:p = (2.388 − 0.008x)²

where p is the price in dollars per bushel and x is the quantity in bushels per day. Use a graphing utility to graph the supply and demand equations and find the market equilibrium. (The market equilibrium is the point of intersection of the graphs for x > 0.

 Round your answers to two decimal places.)

x= _____buchels 

p=$_____

Answer 1

Given

Supply eqn, p = 1.59 + 0.00016x²

Demand, p = (2.388 − 0.008x)²

to find the market equilibrium, we need to find the point of intersection of the supply and demand curve

Using a graphing calculator, we get

x = 88.12 buchels 

p = $ 2.83