Answer to Question #173382 in Algebra for nick

Question

The coordinate grid below shows the graph of supply and demand functions for the sales of wooden chairs. For the functions, x

x represents the number of chairs, in hundreds, and y

y represents the price of each chair, in dollars.

The equilibrium point for the functions can be found by locating the point where the two functions are equal. Which of these appears to be the number of chairs, in hundreds, that must be sold to achieve equilibrium?

Answer 1

If we consider the coordinate grid below

The two functions are equal at the point where the line of both functions intercepts. At this point, equilibrium is achieved.

The number of chairs demanded and the number of chairs supplied is equal at this point.

Both lines intersect at x = 20. This means 20 (in hundreds) chairs must be sold for equilibrium to be achieved.