Questions: Supply, Demand, and Market Equilibrium In supply (and demand) problems, N is the number of items the supplier will produce (or the public will buy) if the price of the item is x dollars. For a particular product: The supply equation is: N=2x+387 The demand equation is: N=-7x+558 Supply and demand lines intersect at the equilibrium price. This is the price at which there is neither a surplus nor shortage in the market (supply and demand are equal). Solve this system of equations to determine the point at which the two lines intersect. Give your answer as an ordered pair. The two lines intersect at the point: Write your answer as an ordered pair In this situation, what is the selling price when supply and demand are in equilibrium? When supply and demand are in equilibrium, the selling price per item is What is the number of items in the market when supply and demand are in equilibrium? There are items in the market when supply and demand are in equilibrium.

Transcript text: Supply, Demand, and Market Equilibrium In supply (and demand) problems, $N$ is the number of items the supplier will produce (or the public will buy) if the price of the item is $x$ dollars. For a particular product: The supply equation is: $N=2 x+387$ The demand equation is: $N=-7 x+558$ Supply and demand lines intersect at the equilibrium price. This is the price at which there is neither a surplus nor shortage in the market (supply and demand are equal). Solve this system of equations to determine the point at which the two lines intersect. Give your answer as an ordered pair. The two lines intersect at the point: Write your answer as an ordered pair $\square$ In this situation, what is the selling price when supply and demand are in equilibrium? When supply and demand are in equilibrium, the selling price per item is \$ $\square$ What is the number of items in the market when supply and demand are in equilibrium? There are $\square$ items in the market when supply and demand are in equilibrium.