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

Question

Mathematics

Derick Bennett

3 October, 04:37

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

+2

Answers (1)

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Kristin Kline · Answer 1

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