Question
Asked Jan 24, 2020
1 views

For the pair of supply-and-demand equations, where x represents the quantity demanded in units of 1000 and p is the unit price in dollars, find the equilibrium quantity and the equilibrium price.

2x + 3p − 12 = 0 and 3x − 11p + 13 = 0
check_circle

Expert Answer

Step 1

According to the given information:

X represents the quantity demanded in units of 1000 and p is the unit price in dollars.

The demand and supply equation are as follows:

2x+3p-12=0

3x-11p+13=0

It is required to calculate the equilibrium quantity and equilibrium price,

So,

Advanced Math homework question answer, step 1, image 1
fullscreen
Step 2

Now, put both the equation equal and solve to the value of ‘p’:

Advanced Math homework question answer, step 2, image 1
fullscreen
Step 3

Now, put the value of x in the above e...

Advanced Math homework question answer, step 3, image 1
fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Math

Advanced Math

Related Advanced Math Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: Suppose that A and B are diagonalizable matrices. Prove or disprove that A is similar to B if and on...

A: Click to see the answer

question_answer

Q: Let V = R2, W = span({(1, 2)}), and β be the standard ordered basis for V. Compute [T]β, where T is ...

A: Let

question_answer

Q: Prove that if λ is an eigenvalue of AA∗, then λ is an eigenvalue of A∗A. This completes the proof of...

A: Click to see the answer

question_answer

Q: Let U be a linear operator on a finite-dimensional inner product space V. If ||U(x)||= ||x||for all ...

A: Click to see the answer

question_answer

Q: (a) use the logical equivalences p à q ≡ ~p V  q and p ↔ q ≡ (~p V  q) ^ (~q V p) to rewrite the giv...

A: (a)

question_answer

Q: 42. A recreational vehicle costs $80,000. You pay 10% down and amortize the rest with equal monthly ...

A: From the given information:Cost of vehicle = $80,000Down payment amount = 10% = 10% of 80,000 = $8,0...

question_answer

Q: Assume x is a particular real number and use De Morgan’s laws to write negations for the statement 0...

A: Assume that ‘p’ represents the statement that real number x is greater or equal to -7 and ‘q’ repres...

question_answer

Q: Define a relation S from R to R as follows: For every (x, y) ER X R, (x, y) E S means that x> y. a. ...

A: (a)It is given that the relation S from R to R is defined as for every (x, y) ϵ R × R, (x, y) ϵ S me...

question_answer

Q: Label the following statements as true or false. Assume that the underlying inner product spaces are...

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...