Given the following market equations:
Supply: Qs = -12 + 3 p
Demand: Qd=88-2p
Solve for the equilibrium price = $?? . (round your calculation to the nearest penny)
Homework Answers
Equilibrium price can be determined at a point where
Supply = Demand
Given, Qs = - 12+ 3p
Qd = 88- 2p
Qs = Qd
- 12 + 3p = 88 - 2p
5p = 100
p =
p = $20
Therefore, equilibrium price is $20.
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