The supply equation is .
is the units supplied, and is the quantity, or amount, of units. represents the price of each unit (typically in dollars). Look at your problem an… See more

The demand equation is .
is the number of demanded units. In this equation, is the quantity and is still the price of your unit in dollars. Take a look at your problem an… See more

Use to find the equilibrium.
Picture your supply and demand plotted on a graph. The equilibrium point would be when the 2 lines cross over each other in the center … See more

Solve the equation to find the equilibrium price.
To isolate the variable, add the price ( ) to both sides. Then, subtract the quantity ( ) from both si… See more