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find the equilibrium point for the pair of demand and supply functions. D(p)=700-32p;S(p)=380+17p   HELP!
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find the equilibrium point for the pair of demand and supply functions. D(p)=700-32p;S(p)=380+17p   HELP!

User Gartox
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2 Answers

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Equilibrium point occurs when a number input for p gives the same answer for both D(p) and S(p). to find this, we set them equal to each other and solve for p.
700-32p = 380 + 17p
-380 -380
320 - 32p = 17p
+32p +32p
320 = 49p
/49 /49
p = 6.5306
User Ryan Kirkman
by
8.6k points
2 votes

To\ find\ equalibrium\ point\ we\ need\ to\ compare\ D(p)\ and\ S(p)\\\\ D(p)=S(p)\\\\ 700-23p=380+17p\ \ \ |Subtract\ 17p\\\\ 700-23p-17p=380\ \ \ |Subtract\ 700\\\\ -40p=380-700\\\\ -40p=-320\ \ \ |Divided\ by\ -40\\\\ p=8\\\\ \textbf{Equilibrium\ point\ is\ p=8}.
User SandaliTP
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