Answer:
1) 8
2) 3
Step-by-step explanation:
The supply and demand functions are, respectively:
[tex]p=\frac{1}{3}q^2\\p=30-\frac{1}{3}q^2[/tex]
Applying p=$5 gives us the supplied and demanded quantities (q).
For the supply function:
[tex]5=\frac{1}{3}q^2\\q=3.87[/tex]
For the demand function:
[tex]5=30-\frac{1}{3}q^2\\q=8.66[/tex]
Rounding down to the next whole unit:
1) The number of books that are demanded at a price of $5 is 8
2) The number of books supplied at a price of $5 is 3
