question 3\nthe demand of a good is d = 137 - 4p; the supply of it is s = 2.1p - 32. please find the…

question 3\nthe demand of a good is d = 137 - 4p; the supply of it is s = 2.1p - 32. please find the equilibrium quantity.\nhints/example\nquestion 4\nthe demand of a good is d = 142 - 4p; the supply of it is s = 2.7p - 34. please find the equilibrium price.\nhints/example

question 3\nthe demand of a good is d = 137 - 4p; the supply of it is s = 2.1p - 32. please find the equilibrium quantity.\nhints/example\nquestion 4\nthe demand of a good is d = 142 - 4p; the supply of it is s = 2.7p - 34. please find the equilibrium price.\nhints/example

Answer

Question 3

Explanation:

Step1: Set demand equal to supply

$137 - 4P=2.1P - 32$

Step2: Rearrange terms to solve for P

$137 + 32=2.1P+4P$ $169 = 6.1P$ $P=\frac{169}{6.1}\approx27.7$

Step3: Substitute P into demand function to find equilibrium quantity

$D = 137-4\times\frac{169}{6.1}$ $D=137-\frac{676}{6.1}$ $D=\frac{137\times6.1 - 676}{6.1}=\frac{835.7-676}{6.1}=\frac{159.7}{6.1}\approx26.2$

Answer:

$26.2$

Question 4

Explanation:

Step1: Set demand equal to supply

$142 - 4P=2.7P - 34$

Step2: Rearrange terms to solve for P

$142 + 34=2.7P+4P$ $176 = 6.7P$ $P=\frac{176}{6.7}\approx26.3$

Answer:

$26.3$