Digital PSAT Math Practice Question 315: Answer and Explanation
Question: 315
A lamp business uses the following equations to express supply and demand as a function of price and quantity for its lamps:
Supply: Price = 30 – Quantity
Demand: Price =10 + 3 × Quantity
How many lamps does the business need to sell in order for the supply of lamps to equal the demand for lamps exactly-i.e., for the supply and demand to be at equilibrium?
Grid-In:
Correct Answer: 5
Explanation:
5 Since the supply and demand are at equilibrium, set the two expressions equal to one another and solve for the number of lamps:
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