For the pair of supply-and-demand equations, where x represents the quantity demanded in units of 1,000 and p is the unit price in dollars, find the equilibrium quantity and the equilibrium price. p = - 2x + 15 and p = 5x + 1
A) equilibrium quantity 4,000 units; equilibrium price $9
B) equilibrium quantity 4,000 units; equilibrium price $11
C) equilibrium quantity 2,000 units; equilibrium price $9
D) equilibrium quantity 2,000 units; equilibrium price $11

Question

Quizplus · Accepted Answer

To find the equilibrium quantity and price, set the two equations equal to each other: -2x + 15 = 5x + 1. Solving for x gives x = 2 (or 2,000 units when considering the units of 1,000). Substituting x = 2 into either equation gives p = 11. Therefore, the equilibrium quantity is 2,000 units and the equilibrium price is $11.

For the Pair of Supply-And-Demand Equations, Where X Represents the Quantity