96.7k views
1 vote
PLEASE HELP!! Find the market equilibrium point for the following demand and supply equations

PLEASE HELP!! Find the market equilibrium point for the following demand and supply-example-1
User Mhaddl
by
5.2k points

1 Answer

4 votes

9514 1404 393

Answer:

(p, q) = (16, 20)

Explanation:

You can add the two equations together to make one from which q can be eliminated:

(4p) +(3p -q) = (-q +84) +(28)

7p -q = -q +112 . . . . simplify

7p = 112 . . . . . . . . . . add q

p = 112/7 = 16

Using this value in the second equation, we get ...

3·16 -q = 28

48 -28 = q = 20 . . . . . add q-28

The equilibrium point is (p, q) = (16, 20).

User ImFonky
by
5.2k points