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11-11-2016
Mathematics

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Photon Lighting Company determines that the supply and demand functions for its most popular lamp are as follows: S(p) = 400 - 4p + 0.00002p4 and D(p) = 2800 - 0.0012p3, where p is the price. Determine the price for which the supply equals the demand.

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nobillionaireNobley nobillionaireNobley

16-11-2016

At equilibruim 400 - 4p + 0.00002p^4 = 2800 - 0.0012p^3
0.00002p^4 + 0.0012p^3 - 4p - 2400 = 0
The require price is 96.24

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