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)
