To find the equilibrium price where there is neither a shortage nor a surplus, we need to set the demand equal to the supply. This means solving the equation:

$-5p + 700 = 5p - 400$

Step-by-Step Solution

1. Set up the equation:

   $-5p + 700 = 5p - 400$

2. Add $5p$ to both sides to get all the $p$ terms on one side:

   $700 = 10p - 400$

3. Add 400 to both sides to isolate the $10p$ term:

   $1100 = 10p$

4. Divide both sides by 10 to solve for $p$:

   $p = 110$

Conclusion

The equilibrium price is $110 per skateboard.

Would you like more details or have any questions?

Here are 5 related questions for further exploration:

1. What would be the equilibrium quantity of skateboards sold at this price?
2. How does a change in supply affect the equilibrium price?
3. What happens to the equilibrium price if the demand function changes?
4. How would setting a price above the equilibrium affect supply and demand?
5. What impact would an increase in production costs have on the supply equation?

Tip: Understanding how to derive the equilibrium in supply and demand models is key to grasping more complex economic scenarios.