Supply and Demand In Exercises 67–70, find the point of...

Supply and Demand In Exercises 67–70, find the point of equilibrium of the demand and supply equations. The point of equilibrium is the price p and the number of units x that satisfy both the demand and supply equations.
$$
p=140-0.00002 x \quad p=80+0.00001 x
$$

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Key Concepts

Supply and Demand

Supply and demand are fundamental economic concepts that describe how the quantity of a good available (supply) and the desire of buyers for it (demand) determine its market price. The interaction between supply and demand helps explain the allocation of resources in a market economy, and changes in either can have significant impacts on market equilibrium.

Market Equilibrium

Market equilibrium refers to the state wherein the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in a stable market price. In this condition, there is no inherent pressure for the price to change unless an external factor affects either supply or demand.

Solving Systems of Equations

Solving systems of equations involves finding the values of variables that satisfy all equations simultaneously. In many economic problems, setting the supply and demand equations equal to each other allows for the determination of equilibrium price and quantity, essentially finding the intersection point of the two linear relationships.

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