Exercise 1 | Wiskunde op Tilburg University

The demand function of a good is given by

$q_d(p)=12-p$ ,

$(p\geq 0)$ and the supply function by

$q_s(p)=3p$ ,

$(p\geq 0)$ . Determine the market equilibrium.

Antwoord 1 correct

Correct

Antwoord 2 optie

$(q,p)=(3,9)$

Antwoord 2 correct

Fout

Antwoord 3 optie

None of the other answers are correct.

Antwoord 3 correct

Fout

Antwoord 4 optie

$(q,p)=(6,6)$

Antwoord 4 correct

Fout

Antwoord 1 optie

$(q,p)=(9,3)$

Antwoord 1 feedback

Correct:

$\begin{align*} q_d(p)=q_s(p)& \Leftrightarrow 12-p=3p\\ & \Leftrightarrow 12=4p\\ & \Leftrightarrow p=3. \end{align*}$

Hence, the market equilibrium is

$(q,p)=(9,3)$ .

Go on.

Antwoord 2 feedback

Wrong: What is

$p$ ?

Try again.

Antwoord 3 feedback

Wrong: The correct answer is among them.

Try again.

Antwoord 4 feedback

Wrong:

$12-p=3p \Leftrightarrow 12=2p$ is not correct.

See Linear functions: Example 2.