Question

The demand and supply equations for a certain commodity are 4q + 7p = 17 and p=q/3+7/4. respectively where p is the market price and q is the quantity then the equilibrium price and quantity are:

Answer 1

Demand equation = 4q + 7p = 17
Supply equation = p = q/3 + 7/4
At equilibrium Demand = Supply

Solving these equations, we get
4q + 7(q/3 + 7/4) = 17
4q + 7q/3 + 49/4 = 17
48q/12 + 28q/12 + 147/12 = 17
48q + 28q + 147 = 17*12
76q + 147 = 204
76q = 204 - 147 = 57
q = 57/76 = 3/4
Putting this in p, we get
p = 3/4(1/3) + 7/4
p = 1/4 + 7/4 = 8/4
p = 2
Hence, equilibrium price and quantity are 2 and 3/4 resp

Answer 2

DKG DEXTEROUS ZONE

DK GOLA CLASSES