Find the point of equilibrium for a system that has a demand equation of p= 49.0,000 3x and a supply equation of p= 33+0.00002x
To find the point of equilibrium for a system with demand and supply equations, you need to set the demand equation equal to the supply equation and solve for the value of x.
Given the demand equation p = 49000 - 3x and the supply equation p = 33 + 0.00002x, we can set them equal to each other:
49000 - 3x = 33 + 0.00002x
Now, let's solve this equation to find the value of x:
First, let's simplify both sides of the equation:
49000 - 33 = 3x + 0.00002x
48967 = 3.00002x
Next, divide both sides of the equation by 3.00002 to isolate x:
x = 48967 / 3.00002
Using a calculator, we can find that x ≈ 16322.83 (rounded to two decimal places).
Therefore, the point of equilibrium for this system is approximately (16322.83, p), where p can be found by substituting the value of x into either the demand or supply equation.