By solving the linear equation it can be obtained that
The value of x is 2
What is a linear equation?
At first it is important to know about equation
Equation shows the equality between two algebraic expressions by connecting the two algebraic expressions by an equal to sign.
A one degree equation is known as linear equation.
The given linear equation is
0.3 = 0.5x - 0.7
0.5x = 0.3 + 0.7
0.5x = 1
x =
x = 2
The solution of this linear equation is x = 2
To learn more about linear equation, refer to the link-
#SPJ1
Answer: Equilibrium price would be $13.33 and equilibrium quantity would be 133.3 units.
Step-by-step explanation:
Since we have given that
Demand function is stated as
Supply function is stated as
We need to find the equilibrium price and quantity for this device.
For equilibrium, D(p) = S(p).
so, it becomes,
and when we put the value of p in any function:
Hence, Equilibrium price would be $13.33 and equilibrium quantity would be 133.3 units.