Math Problem Statement
a price of $26.75, producers will provide 9 items, while at a price of $32.25, they will provide 31 items. Consumers will purchase 86 of these items if the price is $89.5, but will purchase 132 items if the price decreases to $79.25. Find the market equilibrium point. (Enter your answers as a comma-separated list.)
Solution
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Math Problem Analysis
Mathematical Concepts
Algebra
Linear Equations
Supply and Demand Analysis
Market Equilibrium
Formulas
Supply function: q_s = m_s p + b_s
Demand function: q_d = m_d p + b_d
Equilibrium: Set supply equal to demand and solve
Theorems
Market equilibrium occurs where quantity supplied equals quantity demanded
Suitable Grade Level
Grades 10-12
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