For the Pair of Supply-And-Demand Equations, Where X Represents the Quantity

question 58

Essay

For the pair of supply-and-demand equations, where x represents the quantity demanded in units of 1,000 and p is the unit price in dollars, find the equilibrium quantity and the equilibrium price.
3x + 9p - 84 = 0 and 4x - 15p + 77 = 0
equilibrium quantity __________ units
equilibrium price $ __________

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Definitions:

Troughs

The low points in the economic cycle, characterized by reduced economic activity and lower levels of production and employment.

Unanticipated Inflation

A rate of inflation that is either higher or lower than expected.

Creditors and Debtors

Creditors are entities or individuals to whom money is owed, while debtors are those who owe money to another party.

Unemployed

The state of being without a paid job despite actively seeking work.