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.

Answer 1

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).

Answer 2

Thanks. Was having difficulty setting up equation. Finally got right answer.

Answer 3

You're welcome!