Question

Assume that the price per unit d of a certain item to the consumer is given by the equation d=35-10x where x is the number of units in demand. The price per unit from the supplier is given by the equation s=2x+20 where x is the number of units supplied. Find the equilibrium price and the equilibrium quantity.

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Eliseo

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56 Answers

equilibrium condition
s = d
2x + 20 = 35 - 10x
10x + 2x = 35 - 20
12x = 15
x = 15/12 = 1.25
equilibrium quantity = 1.25
equilibrium price = 35 - 10(1.25) = 22.5

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