a price of $31.75, producers will provide 8 items, while at a price of $45.75, they will provide 24 items. Consumers will purchase 92 of these items if the price is $83.25, but will purchase 164 items if the price decreases to $74.25. Determine the market equilibrium point.
a price of $31.75, producers will provide 8 items, while at a price of $45.75, they will provide 24 items. Consumers will purchase 92 of these items if the price is $83.25, but will purchase 164 items if the price decreases to $74.25. Determine the market equilibrium point.
Chapter6: Systems Of Equations And Inequalities
Section6.2: Two-variable Linear Systems
Problem 9ECP
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At a price of $31.75, producers will provide 8 items, while at a price of $45.75, they will provide 24 items. Consumers will purchase 92 of these items if the price is $83.25, but will purchase 164 items if the price decreases to $74.25.
Determine the market equilibrium point.
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