Question

The supply and demand functions for q hundred boxes of napkins at a price p dollars per box are given by:

Supply:p−√q=1 Demand:q+p=7
Find the equilibrium price and quantity.

Answer 1

`p - √(q) = 1 \\ q + p = 7`

`p = 7 - q`

`7 - q - √(q) = 1 \\ - q - √(q ) = - 6 \\ q + √(q ) = 6 \\ q = 4`

`p = 7 - 4 = 3`