The supply and demand equations for price are given respectively: y=70+2x y=125-3x Find the equilibrium quantity...
The supply and demand equations for price are given respectively: y=70+2x y=125-3x Find the equilibrium quantity and the equilibrium price.
Homework Answers
ANSWER :
Supply, Price function :
y = 70 + 2x
Demand, price function :
y = 125 - 3x
At equilibrium , Both functions are equal.
=> 70 + 2x = 125 - 3x
=> 2x + 3x = 125 - 70
=> 5x = 55
=> x = 11 units = equilibrium quantity. (ANSWER)
=> y = 70 + 2*11 = 92 (unit of currency) = equilibrium price (ANSWER).
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