Question

3. Given market demand Qd= 50 -P, and market supply P = Qs+ 5

a) Find the market equilibrium price and quantity?

Answer 1

Answer:

a) To determine the equilibrium price, do the following.

Set quantity demanded equal to quantity supplied:

Add 50P to both sides of the equation. You get.

Add 100 to both sides of the equation. You get.

Divide both sides of the equation by 200. You get P equals $2.00 per box. This is the equilibrium price.

Explanation:

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