Question

If the demand for a certain product is and the supply is , find the point where the supply and demand are in equilibrium.
A.(0,1)

B.(3,1)

C.(1,3)

D.The supply and demand are never in equilibrium.

Answer 1

well you need a demand equation and a supply equation to be able to get an answer. Or perhaps a graph showing supply and demand

1. if you have a graph, find the intersection of the 2 lines for equilibrium

2. If you have equations, substitute then ordered pairs until you find 1 that satisfies each equation.

Answer 2

y=3x
y=3x+1

Answer 3

*y=2x+1

Answer 4

which is demand and which is supply..?

Answer 5

but it doesn't really matter

since both equations are equal to y you can say

3x = 2x + 1

solve for x,

when you get x, substitute to get y