Suppose that the demand Q^Dand supply Q^Sfor maize meal in Kimberley is given by p=120-0.7Q^Dand p=3+0.2Q^S where the quantity is in thousands of kilograms and the price (p) is in rands per kilogram. Answer the following: Find the market equilibrium quantity, and the equilibrium price of maize meal. (2 marks)

  20 rands/kg

  130,000 kg

Step-by-step explanation:

The equilibrium quantity and price are the solution to the system of equations ...

  p = 120 -0.7q

  p = 3 + 0.2q

Setting these equal, we get ...

  0.2q +3 = p = -0.7q +120

  0.9q = 117 . . . . . . . add 0.7q-3 to both sides

  q = 117/0.9 = 130

  p = 3 +0.2·130 = 29

The equilibrium price of maize meal is 29 rands per kg; the market equilibrium quantity is 130,000 kg.

region b will make the inequalities y < 2x + 1 and y > -x - 2 true ⇒ answer a

step-by-step explanation:

* lets study the graph and the inequality to solve the question

- the inequality y > -x - 2

∵ the form of the inequality is y > mx + c , m is the slope of the line

  and c is the y-intercept (the line intersect y-axis at point (0 , c)

∴ c = -2 that means the line intersect the y-axis at point (0 , -2)

∵ the sign of the inequality is >

∴ we shad the part over the line

  region a and b

- the inequality y < 2x + 1

∵ the form of the inequality is y > mx + c , m is the slope of the line

  and c is the y-intercept (the line intersect y-axis at point (0 , c)

∴ c = 1 that means the line intersect the y-axis at point (0 , 1)

∵ the sign of the inequality is <

∴ we shad the part under the line

  region b and c

∵ the common region between the two lines is region b

∴ region b will make the inequalities y < 2x + 1 and y > -x - 2 true