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.)
C) inconsistent

Question

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.) 
C) inconsistent

Quizplus · Accepted Answer

The equilibrium point occurs when the quantity demanded equals the quantity supplied, so we can set the two equations equal to each other:
-3p + 69 = 4p - 4
Simplifying this, we get:
7p = 73
Thus, the equilibrium price is p = 10.43. To find the equilibrium quantity, we can plug this into either the demand or supply equation:
x = -3(10.43) + 69 = 29.71
So the equilibrium point is (10.43, 29.71), which corresponds to answer choice B.

Find the Equilibrium Point of the Demand and Supply Equations