Question

The value p (price) at which the supply of a crop equals the demand for that crop is called the equilibrium price. The equation for the supply of soy beans is S = 0.3p + 3 The equation for the demand of soybeans is D = -0.5p + 9. Determine the equilibrium price.

Answer 1

supply of a crop equals the demand
S=D

0.3p + 3=-0.5p + 9

put like terms on same side
0.3p+0.5p=9-3

0.8p=6

p=6/0.8= 7.5