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equilibrium point for the demand and supply functions

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Solution Summary

Determine the 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 ...

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