04-30-2013, 08:26 PM
Idea Solution:
1).
Qd = Qs
17000 - 6P = 900+8P
8 P + 6 P = 17000 - 900
14 P = 16,100
P = 16,100/14 = 1150
Put Price into any 1 equation then we get quantity:
Qd = 17,000 - 6 P
= 17, 000 - 6 (1150)
= 17,000 - 6900
= 10, 100
Qs = 900 + 8 P
= 900 + 8 (1150)
= 900 + 9200
= 10 , 100
1).
Qd = Qs
17000 - 6P = 900+8P
8 P + 6 P = 17000 - 900
14 P = 16,100
P = 16,100/14 = 1150
Put Price into any 1 equation then we get quantity:
Qd = 17,000 - 6 P
= 17, 000 - 6 (1150)
= 17,000 - 6900
= 10, 100
Qs = 900 + 8 P
= 900 + 8 (1150)
= 900 + 9200
= 10 , 100
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