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 = 133 – 0.09x p = 0.9x – 560
A. (700, 70)
B. (400, 97)
C. (857, 211.3)
D. (600, 79)
E. 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.)
   Demand      Supply
   p = 133 – 0.09x      p = 0.9x – 560
A. (700, 70)
B. (400, 97)
C. (857, 211.3)
D. (600, 79)
E. inconsistent

radar · Answer

A

radar · Answer

If you want to know why let me know/

anonymous · Answer

Yes I would please! This is a practice problem and I probably will have more on my test ...

radar · Answer

P=P so then these two equations are equal for equlibrum:
133-0.09x=0.9x-560
Solve for x by consolidating/simplifying getting .99x=693 or x=700
substitute the 700 in your P=0.9(700) - 560=630-560=70, P=70

anonymous · Answer

Awesome thank you!

radar · Answer

No problemo