X 3.4.40-BE Quest
Suppose the supply for a certain textbook is given by P
Find the equilibrium quantity and the equilibrium price.
and demand is given by p= - +10, where p is the price and q is the quantity. The graph of these equations is shown to the right.

(d) is correct

Equilibrium quantity is 4.5

Equilibrium price is 5

Step-by-step explanation:

Given

-- supply

-- demand

Required

Find the equilibrium price

Equilibrium price is when:

This means that (d) is correct

So, we have:

Collect Like Terms

Multiply both sides by 2

Take the square root of both sides

-- approximated

The equilibrium price is:

Substitute value for q^2

37/3

step-by-step explanation:

step 1: simplify both sides of the equation.

7x+8(x+

1

4

)=3(6x−9)−8

7x+(8)(x)+(8)(

1

4

)=(3)(6x)+(3)(−9)+−8(distribute)

7x+8x+2=18x+−27+−8

(7x+8x)+(2)=(18x)+(−27+−8)(combine like terms)

15x+2=18x+−35

15x+2=18x−35

tep 2: subtract 18x from both sides.

15x+2−18x=18x−35−18x

−3x+2=−35

step 3: subtract 2 from both sides.

−3x+2−2=−35−2

−3x=−37

step 4: divide both sides by -3.

−3x

−3

=

−37

−3

x=

37

3