Question

for a certain commodity the demand equation givimg demand `d` in kg for a price `p` in rupees per kg is d=100[10-p].the supply equation giving the supply s in kg for a price p in rupees per kg is S=75[p-3]. the market price is such at which demand equals supply .find the market price and quantity that will be bought and sold

Answer 1

for a certain commodity the demand equation givimg demand `d` in kg for a price `p` in rupees per kg is d=100[10-p].the supply equation giving the supply s in kg for a price p in rupees per kg is S=75[p-3]. the market price is such at which demand equals supply .find the market price and quantity that will be bought and sold

Answer 2

Given:

demand equation-100(10-p)

demand supply

d=s

100(10-p)=75(p-3)

4(10-p)=3(p-3)

40-4p=3p-9

40+9=3p+4p

49=7p

p=7

put p=7 in demand equation

d=100(10-7)

d=100*3

d=300kg

1kg=7 rupees

300kg=300*7

=2100rupees