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    equilibrium point for the demand and supply functions

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    1) The equilibrium point is the value of p where the supply is equal to the demand. So, we just need to solve the equation
    S(p)=D(p), or

    60+7p=120 - 13p

    Moving all terms with the variable to one side of the equation and all numbers to the other side, we get
    7p+13p = 120-60
    20p = 60
    p=3

    Check: when p=3, we have S(3)=60+7x3 = 81, D(3)=120-13x3 = 120-39 = 81.

    2) Is the system
    x=4
    y=3
    the one you're trying to solve? Then, graph both lines. The equation x=4 defines a vertical line that passes through 4 in the x-axis, and the equation y=3 defines a horizontal line that ...

    Solution Summary

    Determine the equilibrium point for the demand and supply functions.

    $2.19