SOLUTION: Find the equilibrium point of the demand and supply equations. (The equilibrium point is the price p and the number of units x that satisfies both the demand and supply equations.

Question 1104007: Find the equilibrium point of the demand and supply equations. (The equilibrium point is the price p and the number of units x that satisfies both the demand and supply equations.
Demand
p=118-0.07x

Supply
p=0.9x-270
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
p=118-0.07x
p=0.9x-270
Set them equal to each other, since they are both equal to p.
118-0.07x=0.9x-270
0.97x=388
x=400
p=90 in both equations when x=400.
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