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Math Help - Market equilbrium

  1. #1
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    Buhangin Davao City
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    Post Market equilbrium

    Hi again everyone. Please me help me solve this problem about market equilibrium.

    for some agricultural products in developing country, the estimated demand was x=224.125-0.097p and the supply was x=-49.375+1.721p. Find the market equilibrium price and quantity. Make a graph of the demand supply functions on the same axes and mark the equilibrium point.

    Please help me with this . God bless
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  2. #2
    MHF Contributor

    Joined
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    Re: Market equilbrium

    The two equations you are given are linear and so their graphs are determined by two points. Choose two different values for p and find the corresponding value for x in the first equation. Mark those points on your graph and draw the line through them. Do the same for the second equation. Surely you have already been told how to graph functions like this?
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