Answer: Equilibrium price would be $13.33 and equilibrium quantity would be 133.3 units.
Step-by-step explanation:
Since we have given that
Demand function is stated as
Supply function is stated as
We need to find the equilibrium price and quantity for this device.
For equilibrium, D(p) = S(p).
so, it becomes,
and when we put the value of p in any function:
Hence, Equilibrium price would be $13.33 and equilibrium quantity would be 133.3 units.
Slope-intercept form is:
y = mx + b
"m" is the slope, "b" is the y-intercept (the y value when x = 0)
(there is probably another way to do this, but I will be doing it this way)
Isolate the "y" in the equation
3x + 4y = 12 Subtract 3x on both sides
4y = 12 - 3x Divide 4 on both sides
or
The slope is -3/4
For lines to be parallel, they have to have the SAME slope. The given line's slope is -3/4, so the slope of the parallel line is also