Answer:
The intersection point of the two curves is [tex](x,y) = \left(\frac{3}{2}\,kton.m, 185\,USD \right)[/tex].
Step-by-step explanation:
From statement we get the following equations:
Supply curve
[tex]90\cdot x - y = -50[/tex] (1)
Demand curve
[tex]10\cdot x + y = 200[/tex] (2)
Where:
[tex]x[/tex] - Quantity, measured in thousands of metric tons.
[tex]y[/tex] - Price, measured in US dollars per metric tons.
If we add both equations, then we find that quantity is:
[tex](90\cdot x -y )+(10\cdot x +y) = -50+200[/tex]
[tex]100\cdot x = 150[/tex]
[tex]x = \frac{3}{2}\,kton.m[/tex]
Then, we finally find the price by substituting on (2):
[tex]y = 200-10\cdot \left(\frac{3}{2} \right)[/tex]
[tex]y = 200-15[/tex]
[tex]y = 185\,USD[/tex]
The intersection point of the two curves is [tex](x,y) = \left(\frac{3}{2}\,kton.m, 185\,USD \right)[/tex].
Answer:
100x + 0y = 150
x = 1.5
y = 185
Quantity is 3/2 kt (kilotons).
Price is $185 per MT (metric tons).
Step-by-step explanation:
PART ONE
"The supply curve for steel is 90x−y=−50.
The demand curve is 10x+y=200.
x is quantity in thousands of metric tons
y is price in dollars per metric ton
What are the values for quantity and price at the intersection point of the two curves?
To find the values, first use addition to combine the left sides and to combine the right sides of the two equations.
Use the drop down boxes to fill in the blank."
Blank One: 100
Blank Two: 0
Blank 3: 150
Explanation:
Combine the given equations using addition.
90x - y = -50
10x + y = 200
____________
100x + 0y = 150
PART TWO
"Solve for x. Enter the correct answer in the box."
x = 1.5
Explanation:
100x + 0y = 150
100x = 150
100x/100 = 150/100
x = 1.5
PART THREE
"Substitute for x and solve for y. Enter the correct answer in the box."
y = 185
Explanation:
10x + y = 200
10(1.5) + y = 200
15 + y = 200
y = 185
PART FOUR
"What is the quantity and price of the steel? Enter each answer in the correct box."
Box One: 3/2
Box Two: 185
Explanation:
x represents the quantity in kilotons.
Quantity is 1.5 kt (kilotons).
y represents the price per metric ton.
Price is $185 per MT (metric ton).
