Question: The supply equation s ( x ) is the number of items the supplier will produce if the price of the item is x .
The supply equation sx is the number of items the supplier will produce if the price of the item is x
The demand equation, dx is the number of items the public will buy if the price of the item is x
For a particular product, the supply equation is sxxwhere the price is measured in dollars
The demand equation for this product is dxxwhere the price is measured in dollars
The equilibrium point is the intersection point of these two lines.
Determine the equilibrium point
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