Question

hi can you help me solve this problem?The supply and demand equations for the sale of widgets are given below.p = 0.4x + 70p = −0.5x + 142Find the equilibrium quantity and price.The equilibrium quantity is x = The equilibrium price is p = $

Answer 1

We were given that:

`\begin{gathered} p=0.4x+70---------1 \\ p=-0.5x+142-------2 \end{gathered}`

At equilibrium, we have: