The supply in thousands of items, for custom phone cases can be modeled by the equation p = 75+8x, while demand can be while the demand can be modeled by p=190-15x, where p is in dollars. Find the equilibrium price and quantity, the intersection of the supply and demand curves.

At equilibrium, the market demand of custom phone cases will be equal to the market supply of custom phone cases.

Market demand function -

p = 190 - 15x, where p is the price and x is the quantity of goods

Market supply function -

p = 75 + 8x

Thus, at equilibrium the market demand function will be equal to market supply function.

Hence,

190 - 15x = 75 + 8x

23x = 190-75

23x = 115

x = 5 units

Substituting the value of x in market supply function, we get -

p = 75 + 8 * 5

= 75 + 40 = $ 115

Hence, equilibrium quantity and price are 5 units and $ 115 respectively.

Thus, at (5, 115) the market demand and supply curves of Custom phone cases will intersect each other.

Explanation:

Refer to the answer.