2. The demand and supply equations for a commodity are given below p = 245 – 5x Demand equation p = 149 + 3x Supply equation Where p is the price (in dollars) and x represents the number of units (in thousands). Find the equilibrium point for this market.
2. The demand and supply equations for a commodity are given below p = 245 – 5x Demand equation p = 149 + 3x Supply equation Where p is the price (in dollars) and x represents the number of units (in thousands). Find the equilibrium point for this market.
Chapter6: Systems Of Equations And Inequalities
Section6.2: Two-variable Linear Systems
Problem 9ECP
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Transcribed Image Text:2. The demand and supply equations for a commodity are given below
p = 245 – 5x Demand equation
p = 149 + 3x Supply equation
Where p is the price (in dollars) and x represents the number of units (in thousands). Find the equilibrium point
for this market.
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