SOLUTION: Please help me to solve this problem. If the supply and demand equation of a certain product are : 125p-q-250=0 and 100p+q-1100=0, respectively, find the equilibrium price.

Question 462422: Please help me to solve this problem. If the supply and demand equation of a certain product are : 125p-q-250=0 and 100p+q-1100=0, respectively, find the equilibrium price.
Answer by richard1234(7193) (Show Source): You can put this solution on YOUR website!
I'm assuming p and q are price and quantity produced/sold...?

Anyway, the equilibrium price occurs when the two lines intersect, or when the amount demanded equals the amount supplied. To find p, we add the two equations together so that the q's cancel:

125p - q - 250 = 0
100p + q - 1100 = 0
--------------------
225p - 1350 = 0

225p = 1350
p = 6 (dollars or whatever currency)
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