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Social ScienceFor 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
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.
Expert Answer
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,
Now, put both the equation equal and solve to the value of ‘p’:
Now, put the value of x in the above e...
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