The demand and supply equations for an MP3 player are given by p = 123 - 11x p = 72 + 6x Demand equation Supply equation where p is the price (in dollars) and x represents the number of units (in hundreds of thousands). Find the equilibrium point for this market. (x, p) =

College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
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Chapter2: Functions And Graphs
Section2.4: Writing And Graphing Equations Of Lines
Problem 80E
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The demand and supply equations for an MP3 player are given by
Demand equation
Supply equation
р %3D 123 — 11х
72 + 6x
where p is the price (in dollars) and x represents the number of units (in hundreds of thousands). Find the equilibrium point for this market.
(х, р) —
Transcribed Image Text:The demand and supply equations for an MP3 player are given by Demand equation Supply equation р %3D 123 — 11х 72 + 6x where p is the price (in dollars) and x represents the number of units (in hundreds of thousands). Find the equilibrium point for this market. (х, р) —
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