Suppose that the demand and supply for artificial Christmas trees are given by the functions below where
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Question:
Suppose that the demand and supply for artificial Christmas trees are given by the functions below where p is the price of a tree in dollars and q is the quantity of trees that are demanded/supplied in hundreds. Find the price that gives the market equilibrium price and the number of trees that will be sold/bought at this price.
p= 106.20 - 0.20q (demand function)
p= 0.01q² + 5.19 (supply function)
Select the correct choice below and, if necessary, fill in the answer boxes to complete your choice.
A. The equilibrium price of $_______ gives a demand that is equal to a supply of ______ hundred trees.
(Simplify your answer. Type integers or simplifiedfractions.)
B. The equilibrium price does not exist
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