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SupremeNerdx

22.09.2021

Mathematics

(q,p)=(1.948,4.156)

Step-by-step explanation:

Given

$p^2 - \frac{1}{3}q-4p=0$ --- demand curve

2q + 8p -4p^3=2p^2 ------ supply curve

Required

The equilibrium point

To do this, we make use of the graphical method (see attachment for the demand and supply curve)

The points of intersection of both curves on the attached plot are:

(q_1,p_1)=(1.948,4.156)

(q_2,p_2)=(0,0)

(q_3,p_3)=(-0.8766,0.0744)

(q_3,p_3)=(0.3802,-0.0314)

Of the 4 points, only the points where p,q0 can be selected as equilibrium points

The only point that satisfies this condition is:

(q_1,p_1)=(1.948,4.156)

Hence, the equilibrium points of the airline is: (q,p)=(1.948,4.156)

Suppose an airline announces that its earnings this year are lower than expected due to reduced tick

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