Supply & Demand In supply (and demand) problems, yy is the number of items the s

Question

Supply & Demand

In supply (and demand) problems, yy is the number of items the supplier will produce (or the public will buy) if the price of the item is xx.

For a particular product, the supply equation is

y=7x+458y=7x+458

and the demand equation is

y=?3x+768y=-3x+768

What is the intersection point of these two lines?
     
Enter answer as an ordered pair (don't forget the parentheses).

What is the selling price when supply and demand are in equilibrium?
price = $ /item

What is the amount of items in the market when supply and demand are in equilibrium?
number of items =

Explanation / Answer

Intersecting points

7x + 458 = -3x + 768

10x = 310

x = 31

y = 7(31)+458 = 675

Intersecting point (31, 675)

So the selling price is $31 and amount of items = 675

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