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Tutorial Exercise Find the equilibrium point of the demand and supply equations. Supply p = 58 + 0.5x Demand p = 110 – 0.02x Step 1 The equilibrium point is the ordered pair (x, p) that is obtained by solving the system of demand and supply equations. The two equations given are as follows. p = 110 – 0.02x demand equation p = 58 + 0.5x supply equation In both the equations, p is represented in terms of x, so the method of substitution can be used to solve the equations. Substitute the expression forp given in the supply equation into the demand equation. 58 58 + 0.5 0.5 x = 110 - 0.02x Step 2 Move the constants to one side of the equation. Remember to change the sign when moving a term from one side to the other. 0.02x + 0.5 V 0.5 x = 110 - 58 58 Combine like terms. 0.52 0.52 x = 52

Tutorial Exercise Find the equilibrium point of the demand and supply equations. Supply p = 58 + 0.5x Demand p = 110 – 0.02x Step 1 The equilibrium point is the ordered pair (x, p) that is obtained by solving the system of demand and supply equations. The two equations given are as follows. p = 110 – 0.02x demand equation p = 58 + 0.5x supply equation In both the equations, p is represented in terms of x, so the method of substitution can be used to solve the equations. Substitute the expression forp given in the supply equation into the demand equation. 58 58 + 0.5 0.5 x = 110 - 0.02x Step 2 Move the constants to one side of the equation. Remember to change the sign when moving a term from one side to the other. 0.02x + 0.5 V 0.5 x = 110 - 58 58 Combine like terms. 0.52 0.52 x = 52

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Tutorial Exercise Find the equilibrium point of the demand and supply equations. Supply p = 58 + 0.5x Demand p = 110 – 0.02x Step 1 The equilibrium point is the ordered pair (x, p) that is obtained by solving the system of demand and supply equations. The two equations given are as follows. p = 110 – 0.02x demand equation p = 58 + 0.5x supply equation In both the equations, p is represented in terms of x, so the method of substitution can be used to solve the equations. Substitute the expression forp given in the supply equation into the demand equation. 58 58 + 0.5 0.5 x = 110 - 0.02x Step 2 Move the constants to one side of the equation. Remember to change the sign when moving a term from one side to the other. 0.02x + 0.5 2 0.5 x = 110 - 58 58 Combine like terms. 0.52 0.52 x = 52
Transcribed Image Text:Tutorial Exercise Find the equilibrium point of the demand and supply equations. Supply p = 58 + 0.5x Demand p = 110 – 0.02x Step 1 The equilibrium point is the ordered pair (x, p) that is obtained by solving the system of demand and supply equations. The two equations given are as follows. p = 110 – 0.02x demand equation p = 58 + 0.5x supply equation In both the equations, p is represented in terms of x, so the method of substitution can be used to solve the equations. Substitute the expression forp given in the supply equation into the demand equation. 58 58 + 0.5 0.5 x = 110 - 0.02x Step 2 Move the constants to one side of the equation. Remember to change the sign when moving a term from one side to the other. 0.02x + 0.5 2 0.5 x = 110 - 58 58 Combine like terms. 0.52 0.52 x = 52
Solve for x by dividing both sides by the same number. X = 100 100 Step 3 Substitute this value of x in either the demand or the supply equation to get the corresponding value of p. demand equation p = 110 – 0.02( 100 100 = 110 |108 108 Step 4 Check whether x = 100 and p = 108 satisfy the supply equation. = 58 + 0.5 = 58 + Therefore, the equilibrium point (x, p) is the ordered pair (х, р) %3D ( 100, 108
Transcribed Image Text:Solve for x by dividing both sides by the same number. X = 100 100 Step 3 Substitute this value of x in either the demand or the supply equation to get the corresponding value of p. demand equation p = 110 – 0.02( 100 100 = 110 |108 108 Step 4 Check whether x = 100 and p = 108 satisfy the supply equation. = 58 + 0.5 = 58 + Therefore, the equilibrium point (x, p) is the ordered pair (х, р) %3D ( 100, 108
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