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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. A) $6.50 B) $6.75 C) $7.00 D) $7.50

Respuesta :

carlosego
What you must do for this case is to match the equation of the supply with the equation of the demand to find the equilibrium price.
 We have then that:
 S = D
 0.3p + 3 = -0.5p + 9
 Clearing the value of p we have:
 0.3p + 0.5p = 9 - 3
 0.8p = 6
 p = (6) / (0.8)
 p = 7.5 $
 Answer:
 D) $ 7.50

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