Asked by Brett
If the supply and demand functions for a commodity are given by
p − q = 10
and
q(2p − 10) = 2100,
what is the equilibrium price and what is the corresponding number of units supplied and demanded?
equilibrium price $
number of units
units
p − q = 10
and
q(2p − 10) = 2100,
what is the equilibrium price and what is the corresponding number of units supplied and demanded?
equilibrium price $
number of units
units
Answers
Answered by
Ms Pi 3.14159265358979323
The equilibrium price is the place where the two lines cross.
You might want to re-arrange the first one to obtain p = 10 + q then sub it into the second equation (every place you see the p) and solve for q : )
You might want to re-arrange the first one to obtain p = 10 + q then sub it into the second equation (every place you see the p) and solve for q : )
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