Find the equilibrium point for the following supply and demand functions. Demand: $$ \quad p=-4 q+220 $$ Supply: $$ \quad p=17 q+10 $$ $$ (q, p)=(\square $$

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The equilibrium point is $$(10, 180)$$. To find the equilibrium point, we need to set the demand function equal to the supply function. The equilibrium occurs where the quantity demanded equals the quantity supplied. The demand function is given by: $$ p = -4q + 220 $$ The supply function is given by: $$ p = 17q + 10 $$ Setting the two equations equal to each other: $$ -4q + 220 = 17q + 10 $$ Now, we will solve for $$q$$. First, we can add $$4q$$ to both sides: $$ 220 = 21q + 10 $$ Next, subtract $$10$$ from both sides: $$ 210 = 21q $$ Now, divide both sides by $$21$$: $$ q = \frac{210}{21} = 10 $$ Now that we have $$q$$, we can substitute it back into either the demand or supply function to find $$p$$. We'll use the demand function: $$ p = -4(10) + 220 $$ $$ p = -40 + 220 = 180 $$ Thus, the equilibrium point $$(q, p)$$ is: $$ (q, p) = (10, 180) $$ So the final answer is: $$ (q, p) = (10, 180) $$

Find the equilibrium point for the following supply and demand functions. Demand: \( \quad p=-4 q+220 \) Supply: \( \quad p=17 q+10 \) \( (q, p)=(\square \)

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Find the equilibrium point for the following supply and demand functions. Demand: \( \quad p=-4 q+220 \) Supply: \( \quad p=17 q+10 \) \( (q, p)=(\square \)

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