To find the equilibrium price and equilibrium quantity, we need to set the two given equations equal to each other:
-385 + 100p = 95 - 20p
To solve for the equilibrium price (p), we'll start by combining like terms:
120p = 480
Dividing both sides by 120, we get:
p = 4
Now that we have the equilibrium price (p = 4), we can substitute this value back into either of the original equations to find the equilibrium quantity (q). Let's use the first equation:
q = -385 + 100p q = -385 + 100(4) q = -385 + 400 q = 15
Therefore, the equilibrium price is 4 and the equilibrium quantity is 15.