A graph has quantity on the x-axis and price on the y-axis. The supply line goes through (60, 65), (75, 70), (100, 95). The demand line goes through (60, 100), (75, 70), and (80, 60). Using the above supply/demand graph, what is the price at the point of equilibrium?
To determine the price at the point of equilibrium on the supply and demand graph, we need to identify the point where the supply and demand lines intersect. [ This is where the quantity supplied equals the quantity demanded. Let's list the points: Supply line points: 1. (60, 65) 2. (75, 70) 3. (100, 95) Demand line points: 1. (60, 100) 2. (75, 70) 3. (80, 60) From these points, we can see that both the supply and demand lines pass through the point (75, 70). This means that at a quantity of 75, the price is 70. Therefore, the price at the point of equilibrium is 70.
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Asked 6/26/2024 3:52:12 PM
Updated 6/26/2024 6:41:04 PM
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