Find the equilibrium point for the given demand and supply functions. d(p) = (p - 62)2 s(p) = p2 + 14p + 2740

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)

The answer is