For the pair of supply-and-demand equations, where x represents the quantity demanded in units of 1000 and p is the unit price i
n dollars, find the equilibrium quantity and the equilibrium price. 2x + 7p − 56 = 0 and 3x − 11p + 45 = 0
1 answer:
Answer:
7 and 6 respectively
Step-by-step explanation:
Firstly, we have to solve the equations simultaneously.
2x + 7p = 56
3x - 11p = -45
Multiply equation I by 3 and ii by 2
6x +21p = 168
6x - 22p = -90
Subtract the second from first to yield:
43p = 258
p = 6
Insert this in equation 1 where we have 2x + 7p = 56
2x + 7(6) =56
2x + 42 = 56
2x = 14 and x = 7
The equilibrium price is 6 and the equilibrium quantity is 7
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