CA Foundation Exam  >  CA Foundation Questions  >  The demand and supply equation for a certain ... Start Learning for Free
The demand and supply equation for 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: (a) 2, 3/4 (b) 3, 1/2 (c) 5, 3/5 (d) None of these?
Verified Answer
The demand and supply equation for a certain commodity are 4q 7p=17 an...
4q + 7p = 17 ... ..(1)
Second equation can be simplified as 12p=4q+21
or 4q -12p = -21 ... ..(2)
(1)-(2) 19p = 38 or p=2
Substituting value of p in (1) we get
q =3/4
answer (2,3/4)
This question is part of UPSC exam. View all CA Foundation courses
Most Upvoted Answer
The demand and supply equation for a certain commodity are 4q 7p=17 an...
Solution:

Given,
Demand equation: 4q + 7p = 17
Supply equation: p = q/3 + 7/4

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

Substituting the value of p from supply equation to demand equation, we get:
4q + 7(q/3 + 7/4) = 17
4q + 7q/3 + 49/4 = 17
12q/3 + 7q/3 = 17 - 49/4
19q/3 = 15/4
q = (15/4) x (3/19)
q = 45/76

Substituting the value of q in supply equation, we get:
p = (45/76)/3 + 7/4
p = 5/19

Therefore, the equilibrium price and quantity are 5/19 and 45/76 respectively.

Hence, the correct option is (d) None of these.
Explore Courses for CA Foundation exam
The demand and supply equation for 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: (a) 2, 3/4 (b) 3, 1/2 (c) 5, 3/5 (d) None of these?
Question Description
The demand and supply equation for 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: (a) 2, 3/4 (b) 3, 1/2 (c) 5, 3/5 (d) None of these? 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 equation for 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: (a) 2, 3/4 (b) 3, 1/2 (c) 5, 3/5 (d) None of these? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The demand and supply equation for 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: (a) 2, 3/4 (b) 3, 1/2 (c) 5, 3/5 (d) None of these?.
Solutions for The demand and supply equation for 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: (a) 2, 3/4 (b) 3, 1/2 (c) 5, 3/5 (d) None of these? 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 equation for 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: (a) 2, 3/4 (b) 3, 1/2 (c) 5, 3/5 (d) None of these? defined & explained in the simplest way possible. Besides giving the explanation of The demand and supply equation for 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: (a) 2, 3/4 (b) 3, 1/2 (c) 5, 3/5 (d) None of these?, a detailed solution for The demand and supply equation for 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: (a) 2, 3/4 (b) 3, 1/2 (c) 5, 3/5 (d) None of these? has been provided alongside types of The demand and supply equation for 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: (a) 2, 3/4 (b) 3, 1/2 (c) 5, 3/5 (d) None of these? theory, EduRev gives you an ample number of questions to practice The demand and supply equation for 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: (a) 2, 3/4 (b) 3, 1/2 (c) 5, 3/5 (d) None of these? 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