The point of equilibrium is the point where supply and demand intersect. We have then that the equilibrium point occurs when: d (p) = s (p) d (p) = (p - 62) ^ 2 = p ^ 2-124p + 3844 s (p) = p ^ 2 + 14p + 2740 Matching both functions: p ^ 2-124p + 3844 = p ^ 2 + 14p + 2740 Clearing p 124p + 14p = 3844-2740 138p = 1104 p = (1104) / (138) = 8 Substituting p in any of the equations: d (8) = (8 - 62) ^ 2 = 2916 answer The equilibrium point for the given demand and supply functions is (8, 2916)
