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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.$$\begin{aligned}&3 p+15 x-120=0\\&p=x+6\end{aligned}$$

$$(17 / 3,35 / 3)$$

Algebra

Chapter 1

Functions and their Applications

Section 6

Economic Functions

Functions

Campbell University

McMaster University

Harvey Mudd College

Baylor 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).

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So here we are given supply and demand function. And we want to identify which one's which. Then we want to plot them and find the point of market equilibrium. So we're going to have um the first one, we're going to move everything to the other side and sulfur P. So we're going to get P. Equals a negative five X. Yeah. Plus 1 20/3, which is 40. So that's our first function. And we did because this has a decreasing slope. This must be our demand function. And then we're gonna have P equals X plus six, which is obviously going to be our supply function. Now we want to find the point of market equilibrium. Now, if you were doing this algebraic lee or analytically, we would set this equal to this and we solve for X. That would be a pretty simple method given that these are just two uh, First order polynomial. However, it's often easier just to graph them and see the point of intersection. That's going to be 5.667, as our point of equilibrium.

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