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Mathematik-Online problems:

Problem 982: Supply and Demand Equilibrium Point

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Suppose that the supply and demand sets, $ S$ and $ D$, for a particular market are described as follows: $ S$ consists of the pairs ($ p,q$) such that $ 2p-3q=12$ and $ D$ consists of the pairs ($ p,q$) such that $ 2p+q=16$, where $ p$ is the price and $ q$ is the quantity.
(a)
Determine the supply function $ q^S(p)$, the inverse supply function $ p^S(q)$, the demand function $ q^D(p)$, and the inverse demand function $ p^D(q)$.
(b)
Determine the equilibrium set $ E = S \cap D$.
(Author: Rafee )

Solution:

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  automatisch erstellt am 9. 11. 2004