Price per unit, supply and demand

Question

the price per unit, p, and the demand, x, for a particular material are related by the linear equation p=60-3/4x while the supply is given by the linear equation p=3/4x at what value of p does supply equal demand

Answer 1

Price per unit, supply and demand

the price per unit, p, and the demand, x, for a particular material are related by the linear equation p=60-3/4x while the supply is given by the linear equation p=3/4x at what value of p does supply equal demand



This is solving two linear equations and looking for the intersection:

If p = 60 – (¾)x, and p = (3/4)x, then we can set them both equal to one another:

60 – (¾)x = (3/4)x, adding (3/4)x to both sides gives us

60 = (6/4)x = (3/2)x, multiplying both sides by (2/3) gives us

(2/3)60 = (2/3)(3/2)x, which equals

40 = x

So, when the price per unit (p) is 40, supply will equal demand (x).

Richard Moore, EIT, MRE

retired math & science teacher

Answer 2

Manipulate each equation to be solved for x, set each expression for x equal to each other and solve for p, this will be the value for p at which supply equals demand

-4/3(p-60)=(4/3)p

so -(p-60)=p

-p+60=p add p to both sides

2p=60

thus p=30 will be the price for which both supply and demand are equal

to check your answer plug 30 back into the equation

-4/3(30-60) =? (4/3)30

-4/3(-30)=?(4/3)30

40=40