Question: a.) Consider the following two functions: y = 119 + 0.2x y = 498 - 0.05x What is the value of x at the equilibrium?

a.) Consider the following two functions:

y = 119 + 0.2x

y = 498 - 0.05x

What is the value of x at the equilibrium?

b.) Suppose you have 2 equations:

(1) P = 2 + 10Q

(2) P = 5 - 2Q

Use the two equations to solve for the equilibrium. What is the price in equilibrium?

Select one:

a. 6.75

b. 4.5

c. 1/4

d. 6.2

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