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+40x
y=9300-50x

helpp..

Answer 1

Answer: At equilibrium, the supply and demand are equal, so we can set the two equations equal to each other:

300 + 40x = 9300 - 50x

Simplifying and solving for x:

90x = 9000

x = 100

Now that we know x, we can use either equation to find y:

y = 300 + 40(100) = 4300

So the equilibrium point is when x = 100 and y = 4300.

Explanation: