CA Foundation Exam  >  CA Foundation Questions  >  The demand and supply equations for a certain... Start Learning for Free
The demand and supply equations 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?
Most Upvoted Answer
The demand and supply equations for a certain commodity are 4q 7p=17 a...
Equilibrium Price and Quantity:

The equilibrium price and quantity for a commodity are the values at which the demand and supply of the commodity are equal. In other words, it is the price and quantity at which the market clears.

Demand and Supply Equations:

The demand equation is given as: 4q + 7p = 17
The supply equation is given as: p = q/3 + 7/4

Solving for Equilibrium:

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

Step 1: Substitute the supply equation into the demand equation to get an expression in terms of q only.

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

Step 2: Simplify the equation by solving for q.

4q + 7q/3 + 49/4 = 17
12q/3 + 28q/3 = 17 - 49/4
40q/3 = 15/4
q = 15/4 * 3/40
q = 9/16

Step 3: Substitute the value of q into the supply equation to find the equilibrium price.

p = (9/16)/3 + 7/4
p = 5/16

Equilibrium Price: The equilibrium price is 5/16.

Equilibrium Quantity: The equilibrium quantity is 9/16.

Therefore, the equilibrium price for the commodity is 5/16 and the equilibrium quantity is 9/16.
Explore Courses for CA Foundation exam
The demand and supply equations 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?
Question Description
The demand and supply equations 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? 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 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? 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 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?.
Solutions for The demand and supply equations 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? 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 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? defined & explained in the simplest way possible. Besides giving the explanation of The demand and supply equations 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 detailed solution for The demand and supply equations 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? has been provided alongside types of The demand and supply equations 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? theory, EduRev gives you an ample number of questions to practice The demand and supply equations 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? 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