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June 10th, 2009, 05:49 PM   #1
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Supply and demand...

Can someone please help me solve this problem.


5 sqrt(p-12)=3 sprt(80-p)

Is this a reasonable supply and demand function? Why or Why not?

What is the equilibrium price?

What price maximizes revenue?
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June 11th, 2009, 07:29 AM   #2
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Do you mean that 5?(p - 12) is the supply function and 3?(80 - p) is the demand function?
These are equal when p = 30, so that would be the equilibrium price.
Do you have a textbook for this? If so, doesn't it give any examples that would have helped you get at least this far?
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June 11th, 2009, 08:28 AM   #3
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Re: Supply and demand...

Yeah i got the equilibrium price where p=30 but cant figure out what price maximizes revenue?
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June 11th, 2009, 09:08 AM   #4
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What does your book tell you about deriving the revenue function?
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