Question no. 09: The supply and demand
functions for a product are = 4 2 - 500 = 32 -
20 + 1000. Determine the market equilibrium
price and quantity. Also draw the supply-demand
equilibrium graph.
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Answer:
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.
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