For the supply equation below, x is the quantity supplied in units of 1000 and p is the unit price in dollars.

Question

For the supply equation below, x is the quantity supplied in units of 1000 and p is the unit price in dollars.

1/2x-2/3p+12=0;p=4

Determine the number of units of the commodity the supplier will make available in the market at the given unit price.

Answer 1

(1/2)x - (2/3)(4) + 12 = 0

(1/2)x - (8/3) + 12 = 0

3x - 16 + 72 = 0

3x + 56 = 0

3x = -56

x = -56/3