00:01
In this problem, we have been given a pair of supply and demand equations.
00:05
We have p is equal to negative 0 .3x plus 9, and p is equal to 0 .05x plus 5 .5.
00:13
And we want to find the equilibrium quantity and the equilibrium price.
00:18
So to find those, all we need to do is solve these two equations for x and p.
00:23
So if we do that, first of all, note that on the left -hand side of both of these, we have p.
00:28
So that will mean that the right -hand sides are equal.
00:31
So negative 0 .3x plus 9 is equal to 0 .05x plus 5 .5.
00:37
So we have 9 minus 5 .5.
00:40
This is equal to 0 .05x plus 0 .3x.
00:45
This will imply that 3 .5 is equal to 0 .35x...