Question

The supply and demand for a product are related to price by the following equations, where y is the price, in dollars, and

x is the number of units, in thousands. Find the equilibrium point for this product.
y = 300 + 60x
y = 18300-60x
***
The equilibrium point is.
(Type an ordered pair, but do not use commas in any individual coordinates. Do not include the $ symbol in your
answer.)

Answer 1

The equilibrium point for this product is (150, 9300).

Step-by-step explanation:

The equilibrium point for the product can be found by setting the two equations representing supply and demand equal to each other and solving for the quantity, x. Setting y from the first equation equal to y in the second equation, we have:

300 + 60x = 18300 - 60x

120x = 18000

x = 150

Substituting x=150 into either equation will give us the equilibrium price, y:

y = 300 + 60x

y = 300 + 60(150)

y = 300 + 9000

y = 9300

Therefore, the equilibrium point for this product is (150, 9300).