00:01
Hi there, so for this problem we are given the supply function that is equal to 1 .4 times q, then this minus 0 .6.
00:16
And we are given the demand function in terms of q, that is equal to minus 2 times q, this plus 3 .2.
00:27
Okay, where p is the price per pound and q is the quantity in thousands of pounds.
00:36
Okay, so we need to find the equilibrium quantity and the equilibrium price.
00:42
Right, to obtain the equilibrium first, the equilibrium quantity, we set these two expressions equal to the other.
00:49
So we'll have 1 .4 times q minus 0 .6 is equal to minus 2 times q plus 3 .2.
00:56
Now we solve for q.
00:58
So we can pass this to this side and this to the other side.
01:03
So that will be then 3 .4 times q is equal to 3 .2 plus 0 .6.
01:14
That will give us 3 .8.
01:17
So then solving for q that will be then 38 divided by 34...