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Answer :
Final answer:
The equilibrium point for pound cakes at the local bakery is a price of -11/9 dollars per cake and a quantity of 9 cakes.
Explanation:
To find the equilibrium point, we need to set the supply and demand functions equal to each other:
9 = 9p? + 20
Subtracting 20 from both sides:
-11 = 9p?
Dividing both sides by 9:
p? = -11/9
So the equilibrium price per cake is -11/9 dollars.
To find the quantity of cakes at the equilibrium point, we can substitute the equilibrium price into either the supply or demand function. Let's use the demand function:
as = 9(-11/9) + 20
as = -11 + 20
as = 9
So the equilibrium quantity of cakes is 9.
Learn more about equilibrium point in supply and demand here:
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