and ends at (240,250). There is a blue downward sloping line that starts at (70,250) and ends at (240,150).) What sales price should you select to meet the equilibrium price for the lawn mower?
The equilibrium price of the lawnmower can be deduced from the graph ; it is the point of intersection of the orange and blue line ; which is the intersection point if the supply and demand line. The price axis is located on the vertical y-axis. This intersection point when traced to the left of the graph gives the equilibrium price. Hence, the equilibrium price as obtained from the graph is about $190
