
Market Equilibrium
Please help me with this problem:
Question: If the supply and demand functions for a commodity are given by
4pq = 42 and (p+2) q = 2100, respectively, find the price that will result in market equilibrium.
When solving for market equilibrium quantity, supply = demand, but since we are looking for the price, I'm guessing it should either be set up as a quadratic equation or possibly by setting the equations equal to each other and solving for q (Example: 2q + 2100 = q + 42), then substituting to get p. However, I am uncertain as to exactly how I should find the answer.
I tried solving for 2q + 2100 = q + 42 and it gives q=68, which makes p= $728. Was this the correct way to calculate the price?
Thanks for your time and assistance.