<PRE><B>Question 256069</B>
the supply S of a commodity (in thousands of units), if the price is P dollars per unit, is given by the equation
s= 0.3p+3 
the demand D for that commodity(in thousands of units), if the price is p dollas per unit, is given by the equation
d= -o.5p+9 
the value of p for which s = d is called equilibrium price
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a) graph both equations in the same coordinate plane. (let the horizontal axis represent price and the vertical axis represent supply or demand in thousands of units)
{{{graph(400,300,-10,20,-10,20,0.3x+3,-0.5x+9)}}}
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b) determine the equilibrium price
Solve 0.3p+3 = -0.5p+9
0.8p = 6
p = 7.5
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c) what will happen at prices greater than this price?
As price rises demand goes decreases.
Cheers,
Stan H. 

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