Question

Asked Jan 24, 2020

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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

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,

Step 2

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

Step 3

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

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