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
Sure. First of all, this should not be in the Calculus forum. This is a basic Algebra problem.
Originally Posted by GordonGekko
Now, here is your work. Set them equal to find the intersect.