For the Pair of Supply-And-Demand Equations, Where X Represents the Quantity

question 163

Essay

For the pair of supply-and-demand equations, where x represents the quantity demanded in units of 1,000 and p is the unit price in dollars, find the equilibrium quantity and the equilibrium price.
p = - 0.3x + 5.9 and p = 0.15x + 0.05
equilibrium quantity __________ units
equilibrium price $ __________

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Definitions:

Miner's Canary

A metaphor used to describe an early warning sign or indicator of potential danger or failure, particularly in policies or systems.

Analogy

A comparison between two things, typically for the purpose of explanation or clarification.

Intersectionality

A framework for understanding how aspects of a person's social and political identities combine to create different modes of discrimination and privilege.

Inequalities

Situations or conditions where resources, opportunities, and rights are unevenly distributed among individuals or groups.