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The supply function and demand function for the sale of a certain type of DVD player are given by S(p) = 140e 0.005p and D(p) = 448e -0.003p, where S(p) is the number
of DVD players that the company is willing to sell at price p and D(p) is the quantity that the public is willing to buy at price p. Find p such that D(p) = S(p). This is called
the equilibrium price.
The equilibrium price is about $
(Do not round until the final answer. Then round to two decimal places as needed.)
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sqdancefan

Answer:

  145.39

Step-by-step explanation:

The ratio of supply to demand will be 1 at the equilibrium price:

  S(p)/D(p) = 1 = 140e^(0.005p)/(448e^(-0.003p))

  448/140 = e^(0.005p -(-0.003p)) = e^(0.008p)

  ln(448/140) = 0.008p . . . . . . . . . taking the natural log

  p = ln(448/140)/0.008 ≈ 145.39

The equilibrium price is about $145.39.

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