The amount of a given commodity that consumers are willing to buy at a given price is called the demand for that commodity corresponding to the given price; the relationship between the price and the demand is called a demand equation. Similarly the amount that manufacturers are willing to offer for sale at a given price is called the supply corresponding to the given price, and the relationship between the price and the supply is called a supply equation. Market equilibrium exists when the supply and demand are equal. The demand and supply equations for a given commodity are
2p + x − 100 = 0 and p − x + 10 = 0,
respectively, where p is the price of the commodity and x is its supply or demand. At what price will there be market equilibrium? Graph both equations with p on the vertical axis. What happens to the demand as the price increases? What happens to the supply as the price increases?
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