The demand function is $p = 52 - x^{2}$ and the supply function is $p = 2 x^{2} + 4$ . What is the equilibrium price?

₹4Correct answerYour answer₹16Correct answerYour answer₹36Correct answerYour answer₹48Correct answerYour answer

Show the answer and explanation

CorrectNot quiteAnswer C

Correct answer: C

At equilibrium demand price equals supply price: $52 - x^{2} = 2 x^{2} + 4$ , so $x_0 = 4$ .
The price there is $p_0 = 36$ .

Worth noting

4 is the equilibrium quantity; put it back into either function for the price.

Ten questions from Consumer & Producer Surplus, at your own pace.

Ten questions from Consumer & Producer Surplus, at your own pace.

The demand function is p=52−x2p = 52 - x^{2}p=52−x2 and the supply function is p=2x2+4p = 2 x^{2} + 4p=2x2+4. What is the equilibrium price?