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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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Answer to a math 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.

Expert avatar
Eliseo
4.6
110 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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