The clemand equation for milk is p = 34.487 -0.21x, and the supply equation is p = 0.088x, where pis the price in dollars per hundred pounds and x is the amount of milk measured in billions of pounds. Find the equilibrium point. (Round your answers to two decimal places.) billions of pounds of milk will be sold at $ per hundred pounds.

Answer:The equilibrium point is (115.73, 10.18)115.73 billions of pounds of milk will be sold at $10.18 per hundred pounds.Step-by-step explanation:Consider the provided equation.The demand equation for milk is [tex]p=34.487-0.21x[/tex]The supply equation is [tex]p=0.088x[/tex]To find equilibrium point equate the equation as shown:[tex]34.487-0.21x=0.088x[/tex][tex]34.487=0.088x+0.21x[/tex][tex]34.487=0.298x[/tex][tex]x\approx115.73[/tex]Now substitute the value of x in [tex]p=0.088x[/tex][tex]p=0.088(115.73)[/tex][tex]p=10.18[/tex]Hence, the equilibrium point is (115.73, 10.18)115.73 billions of pounds of milk will be sold at $10.18 per hundred pounds.