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

Answer rating: 100% (QA)

001q 2 519 10620 020q 001q 2 020q 519 10620 0 multiply by 1... View the full answer