00:01
Hello, in this situation we are given a question related to finding of equilibrium.
00:05
And in this situation, we have to find out something called the equilibrium quantity.
00:12
In order to find equilibrium quantity, we need to first of all find the equilibrium prices where p1, p2 and p3.
00:24
In the case of the price of the first product, you have to make its equal to qd equal to qs, quantity demanded equal to quantity supplied, which would be something like 21 minus p1 minus 3p2 plus p3 equal to 5p1.
00:53
And this would be equal to 16p1 equal to 21 minus p3 minus 3p2.
01:03
Moving to product 2, the second product, here also we have to give qd is equal to qs, which would be 20 minus p2 plus p3 equal to 5p2 minus 8, which would be equal to 6p2 equal to 28 minus p3.
01:32
Moving further, we need product 3, here again qd equal to qs, 8 minus p1 minus p3 is equal to 2p3 minus 1p1 equal to 9 minus 3p3.
01:59
So here we have to substitute the values, substitute p1 and p2.
02:06
Whenever we do this, we can get p3 is equal to 3 decimal 31, p1 is equal to 0 decimal 07.
02:24
And whenever we substitute this, we will be getting this is p1 and this is p2.
02:32
P2 is equal to 4 decimal 92...