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Thread: Market Equilibrium

  1. #1
    Jan 2008

    Market Equilibrium

    Please help me with this problem:

    Question: If the supply and demand functions for a commodity are given by
    4p-q = 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.
    Last edited by currypuff; Feb 5th 2008 at 12:09 PM.
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