equilibrium point
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Given the following equations for the market for hamburgers, construct a table of numbers and solve for the equilibrium point by inspection:
(Supply) y = x + 1
(Demand) y = -2x + 10
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Solution Summary
This posting solves for the equilibrium point by inspection.
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Evaluate the table of numbers by plugging in values for each curve.
(Supply) y = x + 1
(Demand) y = -2x + 10
It may be helpful to rearrange the curves to solve for x in terms of ...
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