Simple Demand/Supply Equation, but need help

Qd= 12 – P Qs = 1/3*P

Im trying to find the equilibrium price and quantity. but unsure how to do this with the fraction, silly i know!

I know it is 12-P=1/3*P

but can someone break down the steps as to how you arrive at P because ive been told the answer is 9. I get stuck when manipulating the fraction

(SORRY. IVE SOLVED IT. SILLY ME)

Re: Simple Demand/Supply Equation, but need help

Quote:

Originally Posted by

**GordonGekko** Qd= 12 – P Qs = 1/3*P

Im trying to find the equilibrium price and quantity. but unsure how to do this with the fraction, silly i know!

I know it is 12-P=1/3*P

but can someone break down the steps as to how you arrive at P because ive been told the answer is 9. I get stuck when manipulating the fraction

Sure. First of all, this should not be in the Calculus forum. This is a basic Algebra problem.

Now, here is your work. Set them equal to find the intersect.

12-P=(1/3)P

36-3P=P

36=4P

P=9