Question

For the pair of supply-and-demand equations, where x represents the quantity demanded in units of 1000 and p is the unit price in dollars, find the equilibrium quantity and the equilibrium price. 2x + 7p − 56 = 0 and 3x − 11p + 45 = 0

Answer 1

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