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Find the equilibrium point of the demand and supply equations. Demand Supply p = 58 + 0.5x p = 110 – 0.02x

Find the equilibrium point of the demand and supply equations. Demand Supply p = 58 + 0.5x p = 110 – 0.02x

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter9: Quadratic Functions And Equations
Section9.7: Solving Systems Of Linear And Quadratic Equations
Problem 30HP
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Step 3 Substitute this value of x in either the demand or the supply equation to get the corresponding value of p. demand equation p = 110 - 0.02( 100 100 = 110 2 108 108 Step 4 Check whether x = 100 and p = 108 satisfy the supply equation. = 58 + 0.5 = 58 + Therefore, the equilibrium point (x, p) is the ordered pair (x, p) = Submit Skip (you cannot come back)
Transcribed Image Text:Step 3 Substitute this value of x in either the demand or the supply equation to get the corresponding value of p. demand equation p = 110 - 0.02( 100 100 = 110 2 108 108 Step 4 Check whether x = 100 and p = 108 satisfy the supply equation. = 58 + 0.5 = 58 + Therefore, the equilibrium point (x, p) is the ordered pair (x, p) = Submit Skip (you cannot come back)
Find the equilibrium point of the demand and supply equations. Supply p = 58 + 0.5x Demand p = 110 – 0.02x Step 1 The equilibrium point is the ordered pair (x, p) that is obtained by solving the system of demand and supply equations. The two equations given are as follows. p = 110 - 0.02x demand equation p = 58 + 0.5x supply equation In both the equations, p is represented in terms of x, so the method of substitution can be used to solve the equations. Substitute the expression forp given in the supply equation into the demand equation. 58 58 0.5 0.5 x = 110 - 0.02x Step 2 Move the constants to one side of the equation. Remember to change the sign when moving a term from one side to the other. 0.02x + 0.5 V 0.5 x = 110 - 58 58 Combine like terms. 0.52 0.52 x = 52 Solve for x by dividing both sides by the same number. X = 100 100
Transcribed Image Text:Find the equilibrium point of the demand and supply equations. Supply p = 58 + 0.5x Demand p = 110 – 0.02x Step 1 The equilibrium point is the ordered pair (x, p) that is obtained by solving the system of demand and supply equations. The two equations given are as follows. p = 110 - 0.02x demand equation p = 58 + 0.5x supply equation In both the equations, p is represented in terms of x, so the method of substitution can be used to solve the equations. Substitute the expression forp given in the supply equation into the demand equation. 58 58 0.5 0.5 x = 110 - 0.02x Step 2 Move the constants to one side of the equation. Remember to change the sign when moving a term from one side to the other. 0.02x + 0.5 V 0.5 x = 110 - 58 58 Combine like terms. 0.52 0.52 x = 52 Solve for x by dividing both sides by the same number. X = 100 100
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