Download the App!

Get 24/7 study help with the Numerade app for iOS and Android! Enter your email for an invite.

Get the answer to your homework problem.

Try Numerade free for 7 days

Like

Report

You are given a pair of supply and demand equations; identify which is supply and which demand. Plot both on the same set of axes and find the point of market equilibrium.$$\begin{aligned}&p-3 x-200=0\\&2 p+5 x-950=0\end{aligned}$$

$$(50,350)$$

Algebra

Chapter 1

Functions and their Applications

Section 6

Economic Functions

Functions

Oregon State University

Baylor University

Idaho State University

Lectures

01:43

In mathematics, a function is a relation between a set of inputs and a set of permissible outputs with the property that each input is related to exactly one output. An example is the function that relates each real number x to its square x^2. The output of a function f corresponding to an input x is denoted by f(x).

03:18

01:06

You are given a pair of su…

01:08

01:04

01:07

You are given a pair of eq…

02:44

Find the equilibrium point…

01:51

Find the point of equilibr…

01:05

01:29

02:07

02:04

This problem were given a pair of supply and demand functions. Um So we want to identify which one is supply and which one is demand. So um to do this, we're gonna solve for P. We're gonna get P equals React plus 200. All right. There's going to be our supply function because we see it's increasing slope. That means that our demand function will be given by the next one and that's going to be um a negative people's negative five have sex um Plus 9 50 curriculum. You end up seeing that our point of market equilibrium. We can either set these equal to each other and solve for X. But I prefer just to use the graph to find the point of market equilibrium, which is where these two graphs intersect. That's going to be 50,

View More Answers From This Book

Find Another Textbook

Numerade Educator

01:19

Use the appropriate rules to determine the derivative.$$s=-16 t^{2}+256 …

02:36

Find the points on the curve $y=x^{4}-8 x^{2}+3$ at which the tangent line i…

01:32

Compute the indicated limit.$$\text { (a) } \lim _{x \rightarrow 5^{+}} …

02:59

Use the first derivative to determine where the given function is increasing…

03:03

Find the equations of the lines and plot the lines from Exercise $58$.

02:02

Find two functions $f$ and $g,$ whose composition $f(x)$ ) will result in th…

02:46

Use the alternate form of the derivative given in Exercise $37,$ to compute …

02:55

Find the point on the curve $y=x^{3}$ at which the tangent line at (2,8) cro…

01:45

Use the zeros, vertical and horizontal asymptotes along with the sign of the…

02:15

(a) Find the $x$ -intercept(s); (b) Find the vertical asymptotes; (c) Find t…