Find the equlibrium point for each pair demand and supply function.
Demand:q = 8800-30x;
supply:q = 7000+ 15x
To find the equilibrium point between the demand and supply functions, you need to set the two functions equal to each other. Let's start by setting the demand and supply functions equal to each other:
Demand function: q = 8800 - 30x
Supply function: q = 7000 + 15x
Set them equal to each other:
8800 - 30x = 7000 + 15x
To solve for x, we will combine like terms and isolate the variable:
30x + 15x = 8800 - 7000
45x = 1800
Divide both sides by 45:
x = 1800/45
x = 40
So the equilibrium point, which represents the value at which the quantity demanded equals the quantity supplied, is x = 40.
To find the corresponding quantity, substitute the value of x back into either the demand or supply function. Let's use the demand function:
q = 8800 - 30x
q = 8800 - 30(40)
q = 8800 - 1200
q = 7600
Therefore, the equilibrium point for this demand and supply function pair is (40, 7600), where x is 40 and q is 7600.