The problem asks us to find the market equilibrium point $(q, p)$ given the demand and supply functions: Demand: $2p = -q + 81$ Supply: $3p - q = 69$

Applied MathematicsMarket EquilibriumLinear EquationsSystems of EquationsSupply and Demand
2025/5/19

1. Problem Description

The problem asks us to find the market equilibrium point (q,p)(q, p) given the demand and supply functions:
Demand: 2p=q+812p = -q + 81
Supply: 3pq=693p - q = 69

2. Solution Steps

We have a system of two equations with two variables pp and qq.
2p=q+812p = -q + 81
3pq=693p - q = 69
From the first equation, we can express qq in terms of pp:
q=812pq = 81 - 2p
Now we substitute this expression for qq into the second equation:
3p(812p)=693p - (81 - 2p) = 69
3p81+2p=693p - 81 + 2p = 69
5p=69+815p = 69 + 81
5p=1505p = 150
p=1505p = \frac{150}{5}
p=30p = 30
Now that we have the value of pp, we can substitute it back into the equation q=812pq = 81 - 2p to find qq:
q=812(30)q = 81 - 2(30)
q=8160q = 81 - 60
q=21q = 21
Therefore, the equilibrium point is (q,p)=(21,30)(q, p) = (21, 30).

3. Final Answer

(21, 30)

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