1)As a managerial economist you are confronted with the following system of demand equation below;

y = 6x +530

y = -8x +740

a)Identify the supply and demand equations from the models given above

b)Solve for the coordinates of the intersection point which is the equilibrium of demand and supply curves, what economic interpretation can you give to these coordinates.

c)What is the selling price ofthe goodsthat a supplier is willing to sell at the equilibrium point, ifthe price of the item is X dollars.

d)Find the amount of goods demanded that a consumer is willing to demand at the equilibrium point.