9. Find the equilibrium point for the
following supply and demand functions.
Demand: p =480 - 3q
Supply: p =17q + 80
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Answer:
To determine the equilibrium price, do the following.
Set quantity demanded equal to quantity supplied:
Add 50P to both sides of the equation. You get.
Add 100 to both sides of the equation. You get.
Divide both sides of the equation by 200. You get P equals $2.00 per box. This is the equilibrium price.
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