Question 1185005: Suppose that the supply and demand equations for a certain product are P= 1/14 q-9 and p=-1/70 q+3 respectively, where p represents the price per unit in dollars and q represents the number of units per time period.
(a) Find the equilibrium price algebraically.
(b) Find the equilibrium point graphically
Answer by ikleyn(52784)   (Show Source):
You can put this solution on YOUR website! .
To find the equilibrium point graphically, use your graphing calculator.
Or, alternatively, use any web-site, which provides plotting tools and makes relevant plots,
by printing the equations of the lines into the input window of the plotter.
Use, for example, this web-site
www.desmos.com
It is free of charge, by the way . . .
|
|
|
