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hungtistic
22.06.2020 •
Mathematics
Suppose that the demand Q^Dand supply Q^Sfor maize meal in Kimberley is given by p=120-0.7Q^Dand p=3+0.2Q^S where the quantity is in thousands of kilograms and the price (p) is in rands per kilogram. Answer the following: Find the market equilibrium quantity, and the equilibrium price of maize meal. (2 marks)
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Ответ:
20 rands/kg
130,000 kg
Step-by-step explanation:
The equilibrium quantity and price are the solution to the system of equations ...
p = 120 -0.7q
p = 3 + 0.2q
Setting these equal, we get ...
0.2q +3 = p = -0.7q +120
0.9q = 117 . . . . . . . add 0.7q-3 to both sides
q = 117/0.9 = 130
p = 3 +0.2·130 = 29
The equilibrium price of maize meal is 29 rands per kg; the market equilibrium quantity is 130,000 kg.
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