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 $p = 570 - 0.5 x$ $p = 370 + 0.3 x$
A)(250,445)
B)(445,-250)
C)(445,250)
D)(-250,445)
E)(-250,-445)

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 $p = 570 - 0.5 x$ $p = 370 + 0.3 x$ ​
A)(250,445)​
B)​​(445,-250)​
C)​(445,250)​
D)​(-250,445)​
E)​(-250,-445)​

Quizplus · Accepted Answer

To find the equilibrium point, set the demand equation equal to the supply equation: $570 - 0.5x = 370 + 0.3x$. Solving for $x$, we get $x = 250$. Substitute $x = 250$ back into either equation to find $p = 445$. Thus, the equilibrium point is (250, 445).

Find the Equilibrium Point (X,p)of the Demand and Supply Equations p=570−0.5xp = 570 - 0.5 xp=570−0.5x

Find the Equilibrium Point (X,p)of the Demand and Supply Equations $p = 570 - 0.5 x$