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25 September, 06:14

The value p (price) at which the supply of a crop equals the demand for that crop is called the equilibrium price. The equation for the supply of soy beans is S = 0.3p + 3 The equation for the demand of soybeans is D = - 0.5p + 9. Determine the equilibrium price.

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  1. 25 September, 06:22
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    Supply of a crop equals the demand

    S=D

    0.3p + 3=-0.5p + 9

    put like terms on same side

    0.3p+0.5p=9-3

    0.8p=6

    p=6/0.8 = 7.5
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