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The demand equation for a certain brand of GPS Navigator is x + 3p - 565 = 0, where x is the quantity demanded per week and p is the wholesale unit price in dollars. The supply equation is x - 16p + 480 = 0, where x is the quantity the supplier will make available in the market when the wholesale price is p dollars each. Find the equilibrium quantity and the equilibrium price for the GPS Navigators.

Respuesta :

Answer: The equilibrium quantity is 400 GPS Navigators and the equilibrium price is $55.00 per unit.

Step-by-step explanation:

To find the equilibrium quantity and price for the GPS Navigators, we need to solve the system of equations:

x+3p−565=0x−16p+480=0

We can solve this system of equations by substitution. Solving for x in the first equation, we get:

x=565−3p

Substituting this expression for x into the second equation, we get:(565−3p)−16p+480=0

Simplifying this expression, we get:−19p+1045=0

Solving for p, we get:

p=191045​≈55.00

Substituting this value of p back into the first equation, we get:

x=565−3(55.00)=400.00

Therefore, the equilibrium quantity is 400 GPS Navigators and the equilibrium price is $55.00 per unit.

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