CA Foundation Exam  >  CA Foundation Questions  >  The demand and supply equations of a certain ... Start Learning for Free
The demand and supply equations of a certain commodity are 4q+7p=17 and p= q/3+7/4 respectively, where p is the market price and q is the quantity. Then the equilibrium price and quantity are respectively 
  • a)
    2,3/4
  • b)
    3,1/2
  • c)
    5,3/5
  • d)
    none of these
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
The demand and supply equations of a certain commodity are 4q+7p=17 an...
View all questions of this test
Most Upvoted Answer
The demand and supply equations of a certain commodity are 4q+7p=17 an...
Solution:

Given that demand equation is 4q + 7p = 17

and supply equation is p = q/3 + 7/4

To find the equilibrium price and quantity, we need to solve the above equations simultaneously.

Substituting the supply equation in the demand equation, we get

4q + 7(q/3 + 7/4) = 17

4q + 7q/3 + 49/4 = 17

12q + 7q + 147/4 = 68

19q = 68 - 147/4

19q = (272 - 147)/4

19q = 125/4

q = 125/76

Substituting the value of q in the supply equation, we get

p = (125/76)/3 + 7/4

p = 5/8

Therefore, the equilibrium price is 5/8 and the equilibrium quantity is 125/76.

Answer: Option A (2, 3/4)
Explore Courses for CA Foundation exam
The demand and supply equations of a certain commodity are 4q+7p=17 and p=q/3+7/4respectively, where p is the market price and q is the quantity. Then the equilibrium price and quantity are respectivelya)2,3/4b)3,1/2c)5,3/5d)none of theseCorrect answer is option 'A'. Can you explain this answer?
Question Description
The demand and supply equations of a certain commodity are 4q+7p=17 and p=q/3+7/4respectively, where p is the market price and q is the quantity. Then the equilibrium price and quantity are respectivelya)2,3/4b)3,1/2c)5,3/5d)none of theseCorrect answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about The demand and supply equations of a certain commodity are 4q+7p=17 and p=q/3+7/4respectively, where p is the market price and q is the quantity. Then the equilibrium price and quantity are respectivelya)2,3/4b)3,1/2c)5,3/5d)none of theseCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The demand and supply equations of a certain commodity are 4q+7p=17 and p=q/3+7/4respectively, where p is the market price and q is the quantity. Then the equilibrium price and quantity are respectivelya)2,3/4b)3,1/2c)5,3/5d)none of theseCorrect answer is option 'A'. Can you explain this answer?.
Solutions for The demand and supply equations of a certain commodity are 4q+7p=17 and p=q/3+7/4respectively, where p is the market price and q is the quantity. Then the equilibrium price and quantity are respectivelya)2,3/4b)3,1/2c)5,3/5d)none of theseCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of The demand and supply equations of a certain commodity are 4q+7p=17 and p=q/3+7/4respectively, where p is the market price and q is the quantity. Then the equilibrium price and quantity are respectivelya)2,3/4b)3,1/2c)5,3/5d)none of theseCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of The demand and supply equations of a certain commodity are 4q+7p=17 and p=q/3+7/4respectively, where p is the market price and q is the quantity. Then the equilibrium price and quantity are respectivelya)2,3/4b)3,1/2c)5,3/5d)none of theseCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for The demand and supply equations of a certain commodity are 4q+7p=17 and p=q/3+7/4respectively, where p is the market price and q is the quantity. Then the equilibrium price and quantity are respectivelya)2,3/4b)3,1/2c)5,3/5d)none of theseCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of The demand and supply equations of a certain commodity are 4q+7p=17 and p=q/3+7/4respectively, where p is the market price and q is the quantity. Then the equilibrium price and quantity are respectivelya)2,3/4b)3,1/2c)5,3/5d)none of theseCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice The demand and supply equations of a certain commodity are 4q+7p=17 and p=q/3+7/4respectively, where p is the market price and q is the quantity. Then the equilibrium price and quantity are respectivelya)2,3/4b)3,1/2c)5,3/5d)none of theseCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
Explore Courses for CA Foundation exam

Top Courses for CA Foundation

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev