Answer to Question #236829 in Financial Math for Fozia Sayda

Question

The demand and supply equations is 2p²+q²=11 and p+2q=7. Find the equilibrium price and quantity, where p stands for price and q stands for quantity.

Answer 1

$Demand\\ 2p^2+q^2=11\\q^2=11-2p^2\\q=\sqrt{11-2p^2}\\supply\\p+2q=7\\2q=7-p\\q=3.5-\frac{1}{2}p$

$Qd=Qs\\\sqrt{11-2p^2}=3.5-\frac{1}{2}p\\ we \space get\space p=1\\q=3.5-0.5(1)\\=3$