Find the equilibrium point 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
$p = 130 - 0.09 x$
$p = 0.4 x - 115$
A) $( 500,85 )$
B) $( 200,112 )$
C) $( 835,219 )$
D) $( 300,103 )$
E) inconsistent

Question

Quizplus · Accepted Answer

Setting the demand and supply equations equal to each other, we get:$$130 - 0.09x = 0.4x - 115$$$$0.49x = 245$$$$x = 500$$Substituting this value of x back into either the demand or supply equation, we get:$$p = 130 - 0.09(500) = 85$$Therefore, the equilibrium point is (500, 85).

Find the Equilibrium Point of the Demand and Supply Equations ppp

Find the Equilibrium Point of the Demand and Supply Equations $p$