Find the equilibrium point of the demand and supply equation

Find the equilibrium point of the demand and supply equations. The equilibrium point is the price p and number of units x that satisfy both the demand and supply equations.

(x,p) = ( , )

Solution

Demand,p=346 - 0.0002x

supply, p= 162 +0.0006x

At equilibrium

demand,p=supply,p

346-0.0002x=162+0.0006x

184=0.0008x

x=230,000

And when x=230,000

p=346-0.0002(230,000)=300

(x,p)=(230000,300)