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Math Help - Simple Demand/Supply Equation, but need help

  1. #1
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    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)
    Last edited by GordonGekko; October 30th 2012 at 11:21 AM.
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  2. #2
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    Re: Simple Demand/Supply Equation, but need help

    Quote Originally Posted by GordonGekko View Post
    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
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