Posted by **Steff** on Monday, June 6, 2011 at 9:28pm.

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 -
**MathMate**, Tuesday, June 7, 2011 at 8:54am
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 -
**Robo**, Tuesday, June 7, 2011 at 2:40pm
Thanks. Was having difficulty setting up equation. Finally got right answer.

- Supply & Demand :) -
**MathMate**, Tuesday, June 7, 2011 at 4:28pm
You're welcome!

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