what is the market equilibrium point (in ordered pair) A desk lamp factory is willing to supply z items for a price, in dollars, of p(x)2x + 61, while consumers are willing to buy z items at a price, in dollars, of p(z) = -3x +116.Find the market equilibrium point.Market Equilibrium Point:

Answered: A desk lamp factory is willing to…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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what is the market equilibrium point (in ordered pair)

A desk lamp factory is willing to supply z items for a price, in dollars, of p(x)
2x + 61, while consumers are willing to buy z items at a price, in dollars, of p(z) = -3x +116.
Find the market equilibrium point.
Market Equilibrium Point:

Definition Video Formula Definition Phenomenon in which market supply and demand balance each other. Market equilibrium is the economic state in which the market demand curve intersects the market supply curve, giving us the equilibrium price and equilibrium quantity for which a commodity can be sold and purchased in an economy. When market equilibrium is achieved, it suggests that all resources have been allocated efficiently and that there is just a distribution of income and resources in the economy. Video Formula

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Given

Supply curve : $p (x) = 2 x + 61$

and demand curve: $p (x) = - 3 x + 116$

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