Question

he demand equation for the TI-83 graphing calculator is x+3p−648=0, where x is the quantity demanded per week and p is the wholesale unit price in dollars. The supply equation is x−21p+840=0, where x is the quantity the supplier will make availbale in the market each week when the wholesale price is p dollars each. Find the equilibrium quantity and the equilibrium price for the calculators.

Answer 1

Answer:

The equilibrium quantity is 462 and the equilibrium price is $62

Explanation:

The equilibrium quantity and price means that the price and quantity demanded and supplied are the same and is calculated by solving the demand and supply equations simultaneously

X + 3p = 648 ---(1)

X-21p = -840 ----(2)

Use elimination method since the coefficient of x in both equation is 1

Equation (1) - (2): x - x + 3p - (-21p) = 648 - (-840)

3p+21p = 648+840

24p = 1488

p = 1488/24 = 62

Substitute the value of p into equation (1)

x + 3p = 648

x + 3(62) = 648

x + 186 = 648

x = 648 - 186 = 462

Therefore, equilibrium quantity (x) = 462 and equilibrium price (p) = $62

Answer 2

The equilibrium quantity and the equilibrium price for the calculators are

• $462$ and $62$ respectively

Given,

demand equation ; x+3p−648=0

supply equation ; x−21p+840=0

Solving both equations,

x+3p−648=0

-x−21p+840=0

24p - 1488 = 0

$p = \frac{1488}{24}\\\\p = 62$

Therefore,

Equilibrium quantity = x+3p−648=0

$x+3(62)−648=0\\\\x + 186 - 648 = 0\\\\x = 462$

Equilibrium quantity = 462

Equilibrium price = 62

For more information on equilibrium price and quantity, visit

https://brainly.com/question/14480835?referrer=searchResults