Producers will supply x units of a certain commodity to the market when the price is p = S(x) dollars per unit, and consumers will demand (buy) x units when the price is p = D(x) dollars per unit, where

a. Find the equilibrium production level xe and the equilibrium price pe.

b. Draw the supply and demand curves on the same graph.

c. Where does the supply curve cross the y axis? Describe the economic significance of this point.

Transcribed Image Text:

S(x) = 2x + 15 and D(x) = 385 x + 1