Question 4 (6 points)
a company imports olive oil and wants to determine whether they are supplying the correct amount at the correct price. they
don't want to have overstock since they don't have a storage facility. also, they want to sell as much as possible at the highest
price possible!
given the two supply and demand equations where qs is the quantity supplied at a given price (p) and qd is the quantity
demanded at a certain price (p), determine (algebraically) the equilibrium point. interpret the equilibrium point by stating the
selling price and supply in the market when supply and demand are in equilibrium.
qs(p) = 6p + 530
qd(p) = -8p + 740
show all the steps of your work (can paste an image of your work) and explanation in the space provided.