I NEED HELP PLEASe ?

Question

can anyone solve this word prob plz ? using substitution method or elimination

suppose the demand and supply equations for a certain product are given by p=220-.0002x and p-90+.003x respectively where p is the price in dollars and x the number of unites. find the point of the equilibrium

answer should be this .....x=40625 and y= 211.815

Answer 1

p = 220 - 0.0002x
p = 90 + 0.003x

Since these are both already in terms of p, just equate them:

220 - 0.0002x = 90 + 0.003x

Now subtract 90 from both sides:
130 - 0.0002x = 0.003x

Add 0.0002x to both sides:
130 = 0.0032x

Finally divide both sides by 0.0032
130 / 0.0032 = x
x = 40,625

Plugging x back into one of the equations:
p = 90 + 0.003(40625)
p = 211.875

I get a slightly different answer for p but maybe you meant 211.875?

As a double-check:
p = 220 - 0.0002(40625)
p = 211.875

Point of equilibrium is (40625, 211.875)