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24 November, 16:50

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.

A) $93.24

B) $100.24

C) $96.24

D) $99.24

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  1. 24 November, 20:17
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    S (p) = 400 - 4p + 0.00002p^4

    D (p) = 2800 - 0.0012p^3

    S (p) = D (p)

    400 - 4p + 0.00002p^4 = 2800 - 0.0012p^3

    0.00002p^4 + 0.0012p^3 - 4p - 2400 = 0

    p = $96.24
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