Question

the demand for a commodity is given by p=7-D and the supply is given by p=3+3D , Find Equilibrium price and the quantity​

Answer 1

SOLUTION

GIVEN

The demand for a commodity is given by p = 7 - D and the supply is given by p = 3 + 3D

TO DETERMINE

The Equilibrium price and the quantity

EVALUATION

Here it is given that the demand for a commodity is given by p = 7 - D and the supply is given by p = 3 + 3D

Now at Equilibrium

Demand = Supply

$\sf{ \implies \: 7 - D = 3 + 3D}$

$\sf{ \implies \: - D - 3D = 3 - 7}$

$\sf{ \implies \: - 4D = - 4}$

$\sf{ \implies \: D = 1}$

Hence the quantity = D = 1

Now at D = 1

Price = 7 - 1 = 6

So Equilibrium price = 6

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Answer 2

Given : The demand of commodity is given by p=7-d and the supply is given by p=3+3d,

To  find :  the equilibrium price and the quantity.​

Solution:

p=7-d

p=3+3d

Equate p

7 - d  = 3 + 3d

=  4  = 4d

=> 1 = d

p=7-d  = 7 - 1 = 6

equilibrium price   is 6

demand is  1

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