For the pair of supply and demand equations 
where x represents the quantity demanded in units of a thousand and p the unit price in dollars, find the equilibrium quantity and the equilibrium price.
Equilibrium quantity: __________ thousand units
Equilibrium price: $ __________
Definitions:
Producer Surplus
The difference between what producers are willing to sell a good for and the actual market price they receive, representing a measure of producer welfare.
Average Cost
The total cost divided by the quantity produced, indicating the cost per unit of output.
Competitive Industry
An industry characterized by a large number of firms competing against each other, leading to innovation, varied product choices, and reasonable prices for consumers.
Marginal Cost
The cost associated with producing one more unit of a product, reflecting how production costs change with output levels.
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