Question: Assume that the demand curve D(p) given below is the market demand for apples:
Q = D(p) = 280 -13p Q = D(p) = 280 -13p, p > 0
Let the market supply of apples be given by:
Q = S(p) = 44 + 5p Q= S(p) = 44 + 5p, 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.