What is 0.6 (x-5.1y-8)
1 answer:
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Answer:
The equilibrium quantity is 26.4
Step-by-step explanation:
Given
Required
Determine the equilibrium quantity
First, we need to determine the equilibrium by equating Qd to Qs
i.e.
This gives:
Collect Like Terms
Solve for P
This is the equilibrium price.
Substitute 2.4 for P in any of the quantity functions to give the equilibrium quantity:
<em>Hence, the equilibrium quantity is 26.4</em>
You would distribute each number. Then afterwards simplify what you have into standard form. Once you have it in standard form you use the quadratic formula. The end answers are 1 and 7
