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 =200+40x y=15200-60x


I will be thankful if any one help me.

Answer 1

(150, 6200)

Explanation:

To find the equilibrium point, we need to find the price (y) and quantity (x) at which the supply and demand curves intersect. This is the point at which the quantity demanded equals the quantity supplied, and therefore there is no shortage or surplus of the product.To find this point, we set the two equations equal to each other:200+40x = 15200-60xAdding 60x to both sides:200+100x = 15200Subtracting 200 from both sides:100x = 15000Dividing by 100:x = 150So the equilibrium quantity is 150 thousand units.To find the equilibrium price, we can substitute this value of x into either equation. Let's use the first equation:y = 200 + 40(150)y = 6200So the equilibrium price is $6200 per thousand units.Therefore, the equilibrium point for this product is (150, 6200), where x is the quantity (in thousands) and y is the price (in dollars).