Find the equilibrium point (x,p)of the demand and supply equations.The equilibrium point is the price p and number of units x that satisfy both the demand and supply equations.
Demand
Supply $p = 410 - 0.0004 x$ $p = 230 + 0.0002 x$
A)(290,300,000)
B)(290,-300,000)
C)(-300,000,-290)
D)(300,000,290)
E)(-300,000,290)

Question

Find the equilibrium point (x,p)of the demand and supply equations.The equilibrium point is the price p and number of units x that satisfy both the demand and supply equations. ​
Demand
Supply $p = 410 - 0.0004 x$ $p = 230 + 0.0002 x$ ​
A)​(290,300,000)
B)​(290,-300,000) ​
C)(-300,000,-290) ​
D)(300,000,290)
E)(-300,000,290) ​

Quizplus · Accepted Answer

To find the equilibrium point, we need to solve the system of equations:
Demand: p = 300 - 0.001x
Supply: p = 0.001x - 10
Setting them equal to each other and solving for x, we get:
300 - 0.001x = 0.001x - 10
0.002x = 310
x = 155,000
Substituting this value of x into either equation, we get:
p = 300 - 0.001(155,000)
p = 145
Therefore, the equilibrium point is (155,000, 145). None of the given answer choices matches this point exactly, but (300,000, 290) is the closest, with a difference of only 145,000 and 145 from the x and p coordinates, respectively.

Find the Equilibrium Point (X,p)of the Demand and Supply Equations p=410−0.0004xp = 410 - 0.0004 xp=410−0.0004x

Find the Equilibrium Point (X,p)of the Demand and Supply Equations $p = 410 - 0.0004 x$