starrrr2000 starrrr2000
  • 21-10-2020
  • Mathematics
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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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