find the equilibrium point of the demand and supply equations.

Question

Demand. supply

p=370-0.0003x. p= 167+0.0004x

(x,p)=

Answer 1

370 - 0.0003x = 167 +0.0004x

0.0007x = 370-167 = 203

x = 203/.0007 = 290,000

167 +0.0004(290,000) = 116 + 167 = 283

or

370-0.0003(290,000) = 283

(290,000, 283)

equilibrium price = 283 with equilibrium output = 290,000