Solve the System Using the Substitution Method

question 127

Essay

Solve the system using the substitution method. If the system is dependent or inconsistent , or if there is no solution , indicate this.

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Definitions:

Output

The quantity of goods or services produced by a firm, industry, or economy within a given period.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded, usually depicting a downward slope, indicating the inverse relationship between price and demand.

Supply Curve

A graphical representation used in economics to show the relationship between the price of a good or service and the quantity of it that producers are willing to supply.

Government's Revenue

The money received by a government from taxes and non-tax sources to enable it to undertake government expenditures.