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 $p = 150 - 0.07 x$ $p = 65 + 0.1 x$
A)(-500,-115)
B)(500,115)
C)(-500,115)
D)(115,-500)
E)(115,500)

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 $p = 150 - 0.07 x$ $p = 65 + 0.1 x$ ​
A)​(-500,-115)
B)​​(500,115)
C)​​(-500,115)
D)​(115,-500)
E)​​(115,500)

Quizplus · Accepted Answer

To find the equilibrium point, set the demand and supply equations equal to each other and solve for $x$: $150 - 0.07x = 65 + 0.1x$. Solving this equation gives $x = 500$. Substitute $x = 500$ into either the demand or supply equation to find $p$, which gives $p = 115$. Therefore, the equilibrium point is $(500, 115)$.

Find the Equilibrium Point (X,p)of the Demand and Supply Equations p=150−0.07xp = 150 - 0.07 xp=150−0.07x

Find the Equilibrium Point (X,p)of the Demand and Supply Equations $p = 150 - 0.07 x$