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.
The first mechanic worked for 10 hours and the second mechanic worked for 15 hours.
Step-by-step explanation:
Given,
Charges of first mechanic = $95 per hour
Charges of second mechanic = $115 per hour
Total hours = 25
Total amount charged = $2675
Let,
The number of hours worked by first mechanic = x
The number of hours worked by second mechanic = y
According to given statement;
x+y=25 Eqn 1
95x+115y=2675 Eqn 2
Multiplying Eqn 1 by 95
Subtracting Eqn 3 from Eqn 2
Dividing both sides by 20
Putting y=15 in Eqn 1
The first mechanic worked for 10 hours and the second mechanic worked for 15 hours.
Keywords: linear equation, elimination method
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