Asked by Eon
2p+54q=1080 where p = dollars / bicycle and q is the number of bicycles
If the supply function for the bicycle is p-38q=280 find the equilibrium point of (q,p)
If the supply function for the bicycle is p-38q=280 find the equilibrium point of (q,p)
Answers
Answered by
drwls
Solve the two equations simulateously
2p + 54q = 1080
p - 38q = 280
Double the last equation and subtract from the first equation to get q
2p - 76q = 560
130q = 520
etc
2p + 54q = 1080
p - 38q = 280
Double the last equation and subtract from the first equation to get q
2p - 76q = 560
130q = 520
etc
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