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Supply & Demand

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42) Given the demand equation 3 + p -40=0 and the supply equation 2x - p + 10=0, where p is the unit price in dollars and x represents the quantity in units of a thousand, determine the equilibrium quantity and the equilibrium price.

  • Supply & Demand -

    Equilibrium point is where the curves meet, or
    D: 3x + p -40=0
    S: 2x - p + 10=0

    Solve for x and p to get:
    x=6, p=22, i.e.
    Equilibrium point is at
    price =22, and x=6 (thousands).

  • Supply & Demand -

    Thanks. Was having difficulty setting up equation. Finally got right answer.

  • Supply & Demand :) -

    You're welcome!

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