Question

Find the point of equilibrium for
Demand Function: p = 37 − 0.0002x
Supply Function: p = 22 + 0.00001x

Answer 1

equilibrium means supply and demand are equal to each other

Answer 2

okay @jayz657

Answer 3

so set both of the equation equal to each other and solve for x
that will be your answer

Answer 4

1. (22.7143, 71428.6)
2. (71428.6, 71428.6)
3. (71428.6, 22.7143)
4. (22.7143, 22.7143)
5. None of these

Answer 5

these are my choices

Answer 6

@jayz657

Answer 7

so i'm not sure

Answer 8

show me your work first and i let you know if theres anything wrong first

Answer 9

37 − 0.0002x= 22 + 0.00001x

Answer 10

37-22= 15

Answer 11

0.0002+0.00001= 0.00021

Answer 12

71428.5714

Answer 13

that's all I have

Answer 14

okay so you have the value for x
you just need to solve for p now

Answer 15

all you need to to is plug into one of the equations and solve for p

Answer 16

do*

Answer 17

so plug your answer into the first equation to get your second value

Answer 18

22.71428?

Answer 19

yup thats rigth

Answer 20

your answeer should be in this form btw
(x,p)

Answer 21

thank you so much!!!!

Answer 22

can you help me with something else?

Answer 23

yea sure post it here

Answer 24

its on the pdf file number 20

Answer 25

i dont see a number 20?

Answer 26

nvm i found it give me a min to figure it out

Answer 27

ok
:)

Answer 28

from the picture you can do this
find the area of the rectangle and subtract all the white right traigles to get the area of the shaded