Answer:
The equilibrium quanity and equilibrium price is 3 Thousand units and 32 dollars respectively.
Step-by-step explanation:
Market equilibrium occurs in those markets in which the quantity demanded by consumers equals the quantity supplied by firms. In this state, the equilibrium point has its corresponding equilibrium quantity and price. That is, the equilibrium point is that point where, for a given price, the quantity supplied is equal to the quantity demanded.
The supply and demand curves represent the quantities that consumers are willing to buy and producers are willing to sell at that price respectively.
Being:
Since when the market reaches equilibrium, the quantity demanded equals the quantity supplied and x representing the quantity demanded in units of thousand, then:
Solving, you get:
50 - p= p -14
50 - p +14 = p
50 +14= p + p
64= 2*p
P=32 dollars
This value is the equilibrium price. Replacing this value in the demand and supply equation, the equilibrium quantity is obtained, which should be the same for both cases:
So, <u><em>the equilibrium quanity and equilibrium price is 3 Thousand units and 32 dollars respectively.</em></u>
In its graphical representation, the equilibrium point can be seen as that point where the supply and demand curves intersect. You can see this in the attached image, where the blue line represents the supply and the red line the demand.
Answer:
Step-by-step explanation:
Given
The attached piece wise function
Required
The domain
To do this, we simply consider the inequalities that bound the values of x.
The inequalities are:
and
Combine the first two inequalities:
and
For the inequality to be true, we must have:
In interval notation, the inequality is: