Applying Systems of Linear Equations to Market Equilibrium: Steps & Example

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question 1 of 3

If the market price of a product is above the equilibrium price, the quantity supplied is _____ the quantity demanded.

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1.

Find the market equilibrium point for the following equations:

Supply: .10x + 5

Demand: -.15x + 10

2. Supply function is defined as _____.

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About This Quiz & Worksheet

This combination quiz and worksheet will help you understand the concept of market equilibrium and how to determine the price of what you are selling by using supply and demand functions.

Quiz & Worksheet Goals

In this assessment, you'll be tested over your ability to:

  • Define the term for when the product produced is equal to the quantity demanded
  • Calculate market equilibrium in practice problems
  • Define the function for the price and quantity at which the seller will provide the product
  • Know which law states that demanded quantity increases as product price decreases

Skills Practiced

  • Making connections - understand how supply and demand impact the market
  • Critical thinking - apply relevant concepts to examine information about product pricing in a different light
  • Problem solving - use acquired knowledge to solve market equilibrium practice problems

Additional Learning

Find out more about product pricing, supply and demand by reviewing the accompanying lesson, Applying Systems of Linear Equations to Market Equilibrium: Steps & Example. This lesson covers the following topics:

  • Graphing market equilibrium
  • Laws of Supply and Demand
  • Solving for market equilibrium
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