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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
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
Check: when p=3, we have S(3)=60+7x3 = 81, D(3)=120-13x3 = 120-39 = 81.
2) Is the system
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 ...
Determine the equilibrium point for the demand and supply functions.