Solve the problem. Suppose the price p of bolts is related to the quantity q tha

Question

Solve the problem. Suppose the price p of bolts is related to the quantity q that is demanded by: p = 690 - 5q^2 where q is measured in hundreds of bolts. Find the price when the number of bolts demanded is 300. A) exist645 B) exist660 C) exist655 D) exist665 Suppose the price p of bolts is related to the quantity q that is demanded by: p = 690 - 4q^2 where q is measured in hundreds of bolts. Suppose the supply function for bolts is given by p = 4q^2, where q is the number of bolts (in hundreds) that are supplied at price p. Find the equilibrium supply. A) About 1022 B) About 9 C) About 929 D) About 836

Explanation / Answer

p = 690 - 5q^2

Plug in q = 3 :
This is so because 300 is 3 hundred and q is in hundreds

p = 690 - 5(3)^2

p = 690 - 5(9)

p = 690 - 45

p = 645

Option A

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690- 4q^2 = 4q^2

8q^2 = 690

q^2 = 690/8

q^2 = 86.25

q =9.287

Now, plug in q :
4*9.287^2

we get 345

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