Question

The demand of commodity is given by p=7-d and the supply is given by p=3+3d, find the equilibrium price and the quantity.​

Answer 1

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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