Question with isolating supply, demand and equilbrium price

thelazyman

Junior Member
Joined
Jan 14, 2006
Messages
58
Hi everyone,

I was given a question to find the equilibrium price of an equation.

I was given, the demand function is x= p ^-n and the supply function is given as y = p^t

To find the equilibrum price, i took the derivatives of each and made them equal to each other.

I got,

x = - p ^-n-1 and y = p ^ t-1

So then since equilibrium is where supply and demand is equal, i get 2p = t - n - 1

I dont know if this is right, I tired doing this, can someone provide some insight to see what im doing wrong and how abouts can i get this equilibrium price?

Any help would be great, thanks.
 
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