Photon lighting company determines that the supply and demand functions for its most popular lamp are as follows: s(p) = 400 - 4p + 0.2p4 and d(p) = 2800 - 0.0012p3, where p is the price. determine the price for which the supply equals the demand.

a) $93.24
b) $100.24
c) $96.24
d) $99.24

The correct answer is (C).

Explanation:

Supply function:

Demand function:

S(p)=D(p), price for which supply is equal to demand:

After solving this above equation graphically, we will get the values of p.

1) p =96.236

2) p=( -118.258)

We will reject the negative value of p.

So, the value of p that price for which the supply equals the demand is $ 96.236 $96.24. Hence, the correct answer is option (C).

Price equals $96.24

Explanation:

It is given that,

The supply function is given by,

The demand function is given by,

We have to find the price for which the supply equals to the demand.

After solving above equation we get :

So, it is clear from the attached graph that p = 96.24 and q = -118.26

So, the correct option is (c) " $96.24 ".

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