Question
Asked Mar 13, 2019
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For the pair of supply and demand equations where x represents the quantity demanded in units of 1000 and put is the unit of price in dollars find the equilibrium quantity and the equilibrium price 2x+9p-93=0 and 3x-12p+108=0

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Expert Answer

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Step 1

Consider the supply and the demand function as follows,

 

2x + 9p = 93                                                         (1).

3x –12p = –108                                                    (2).

Step 2

Multiply the first equation with 3, multiply the second equation with 2 and subtract the equation (2) from (1).

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Step 3

Solve the expression 51p = 49...

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