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Posted:: 3+ months ago by otherswim...
Topics:: math

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Find the market equilibrium point for the following demand and supply functions.
Demand: 2p = −q + 61
Supply: 3p − q = 39

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Answers (1)

medhrk2

point at which quantity demanded and quantity supplied are equal.so, demand = supply
as 2p=-q+61
-q= 39-3p
substituting
2p= 39-3p+61=-3p+100
so, 5p=100; then p=20
if p=20 then q=-(2p-61)=-(40-61)=21

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