A supply equation and a demand equation for a product are given below.If p represents price per unit in dollars and q represents the number of units per unit of time, find the equilibrium point. Supply: 25q-2p+280=0 Demand: 70q+p-387.5=0 The equilibrium point (q,p) is square (Type an ordered pair.)

To find the equilibrium point, we need to solve the system of equations formed by the supply and demand equations.Given:Supply: Demand: Step 1: Solve the supply equation for in terms of . Step 2: Substitute the expression for into the demand equation. Step 3: Substitute the value of into the expression for . Therefore, the equilibrium point is .