Answer:
y = --0.25x + 1
Step-by-step explanation:
In order to find the equation of a line, you must first find the slope of the line.
The equation to find slope is
.
Plug in the given points:
(x2, y2) = (-8,3)
(x1, y1) = (-4,2)
(y2 - y1) / (x2 - x1) = (3-1)/ (-8 - -4) = (3-2) / (-8 + 4) = 1/-4 = -0.25
Next, you solve for the y-intercept using one of the two coordinates:
y = -0.25x + b
2 = -0.25(-4) + b
2 = 1 + b
b = 2 - 1 = 1
y = -0.25x + 1
At the equilibrium price p, we can solve for the quantity of goods x :
demand = supply
5200 - 0.0005x = 2800 + 0.0003x
2400 = 0.0008x
x = 3,000,000
With this quantity of goods, the equilibrium price is
p = 5200 - 0.0005 (3,000,000)
p = 5200 - 1500
p = 3700