Homework Help: Supply & Demand

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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