The point (6, y) is the same distance from (4,1) as it is from the x-axis. What is the
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Answer:
Equilibrium quantity = 26.92
Equilibrium price is $31.13
Step-by-step explanation:
Given :Demand function :
Supply function :
To Find : find the equilibrium quantity and equilibrium price.
Solution:
Demand function : --A
Supply function : ---B
Now to find the equilibrium quantity and equilibrium price.
Solve A and B
Subtract B from A
So, equilibrium quantity = 26.92
Substitute the value of q in A
So, equilibrium price is $31.13