starrrr2000 starrrr2000
  • 21-10-2020
  • Mathematics
contestada

PLEASE HELP!! Find the market equilibrium point for the following demand and supply equations

PLEASE HELP Find the market equilibrium point for the following demand and supply equations class=

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sqdancefan
sqdancefan sqdancefan
  • 22-10-2020

9514 1404 393

Answer:

  (p, q) = (16, 20)

Step-by-step explanation:

You can add the two equations together to make one from which q can be eliminated:

  (4p) +(3p -q) = (-q +84) +(28)

  7p -q = -q +112 . . . . simplify

  7p = 112 . . . . . . . . . . add q

  p = 112/7 = 16

Using this value in the second equation, we get ...

  3·16 -q = 28

  48 -28 = q = 20 . . . . . add q-28

The equilibrium point is (p, q) = (16, 20).

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