The demand equation for kitchen ovens is given by the equation
d(q) = –338q + 4,634
where d(q) is the price in dollars and q is the number of kitchen ovens demanded per week. the supply equation for kitchen ovens is
s(q) = 400q^2 + 20
where q is the quantity the supplier will make available per week in the market when the price is p dollars. find the equilibrium point (q, p) rounded to the nearest hundredth.

The equilibrium point is (3, 3620)

Step-by-step explanation:

We set the supply and the demand equation equal to each other and solve:

We can solve by factoring:

Setting each factor equal to zero we get:

Only a positive quantity makes sense, so q=3 is the equilibrium quantity.

To get the equilibrium price we just plug 3 in place of q in any of the functions. Let us use the demand function which is easier to handle:

Therefore the equilibrium price is p=3620

In ordered pair form the equilibrium point is (3, 3620)