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 + 3p − 12 = 0 and 3x − 11p + 13 = 0

The equilibrium quantity is 3 thousands and the equilibrium price is $2.

Explanation

Given equations.....

Here, represents the quantity demanded in units of 1000 and is the unit price in dollars. For finding the equilibrium quantity and the equilibrium price, we need to solve this system of equations for and .

Multiplying equation (1) by 11 and equation (2) by 3 , we will get....

Now, adding the above two equations, we will get....

Plugging this into equation (1)........

So, the equilibrium quantity is 3 thousands and the equilibrium price is $2.

answer: 2530

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