Question

9. Find the equilibrium point for the
following supply and demand functions.
Demand: p =480 - 3q
Supply: p =17q + 80​

Answer 1

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.