1. Assume that the demand curve D(p) given below is the market demand for apples:
Q=D(p)=310-19p, p > 0
Let the market supply of apples be given by:
Q=S(p)=50+14p, p > 0
where p is the price (in dollars) and Q is the quantity. The functions D(p) and S(p) give the number of bushels demanded and supplied.
What is the equilibrium quantity in this market?
Round the equilibrium price to the nearest cent, use that rounded price to compute the equilibrium quantity, and round the equilibrium quantity DOWN to its integer part.
2. The demand curve for tickets at an amusement park is:
Q=D(p)=1900-45p, p > 0
The marginal cost of serving a customer is $14.
Using calculus and formulas (but no tables or spreadsheets) to find a solution, what is the profit-maximizing price?
Round the equilibrium quantity DOWN to its integer part and round the equilibrium price to the nearest cent.