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.
$\begin{array}{lr}\text { Demand }&\text { Supply }\
p=150-0.07 x&p=65+0.1 x
\end{array}$

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. 
$\begin{array}{lr}\text { Demand }&\text { Supply }\
p=150-0.07 x&p=65+0.1 x
\end{array}$
 
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 equation equal to the supply equation: $150 - 0.07x = 65 + 0.1x$. Solving for $x$, we get $x = 500$. Substitute $x = 500$ back into either equation to find $p = 115$. Thus, the equilibrium point is (500, 115).

Find the Equilibrium Point (X,p) of the Demand and Supply Demand Supply p=150−0.07xp=65+0.1x\begin{array}{lr}\text { Demand }&\text { Supply }\\p=150-0.07 x&p=65+0.1 x\end{array} Demand p=150−0.07x​ Supply p=65+0.1x​

Find the Equilibrium Point (X,p) of the Demand and Supply $\begin{array}{lr}\text { Demand }&\text { Supply }\\p=150-0.07 x&p=65+0.1 x\end{array}$