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 + 7p ? 56 = 0 and 3x ? 11p + 45 = 0

Raynor2i

Raynor2i

Answered question

2022-07-28

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 + 7p ? 56 = 0 and 3x ? 11p + 45 = 0

Answer & Explanation

Kaiden Weeks

Kaiden Weeks

Beginner2022-07-29Added 14 answers

2x + 7p ? 56 = 0
3x ? 11p + 45 = 0
eqn 1 * 3
6x + 21 p - 168 = 0
eqn 2 * 2
6x - 22p + 90 = 0
subtracting
43 p = 258
p = 6
2x + 7p -56 = 0
2x + 42-56 = 0
2x = 14
x = 7
equilibrium quantity = x * 1000 = 7000 units
equilibrium price = p = $ 6

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