Find the Point of Equilibrium for a Product with Demand

question 42

Short Answer

Find the Point of Equilibrium for a product with Demand Equation and Supply Equation as follows:
Demand: p = 300 - 8q
Supply: p =
q + 5

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Definitions:

Hogback

Any ridge with a sharp summit and one slope inclined approximately parallel to the dip of layers, resembling in outline the back of a hog.

Fault Zone

A zone of faults and associated fracturing.

Continental Rift

A linear zone where the Earth's crust and lithosphere are being pulled apart and is the site of potential volcanic activity and new oceanic crust formation.

Contact Metamorphism

A process where rocks are altered due to heat and chemical fluids from nearby magma.