The equilibrium price of the good is equal to ____
The equilibrium quantity of the good is equal to ______
The equilibrium price of the good is equal to $40.
The equilibrium quantity of the good is equal to 600.
Explanation:
For equilibrium:
Qd = Qs
1,000 - 10P = 400 + 5P
15P = 600
P = 600 / 15 = $40
Q = 1,000 - 10P = 1,000 - 10(40) = 600
The equilibrium price of the good is equal to ____ The equilibrium quantity of the good...
The equilibrium price of the good is equal to ____ The equilibrium quantity of the good is equal to ______ The demand function for a product is: Qd = 1,000-10P. and its supply function is: Qs = 100 + 2P
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Consider a free market for a good with demand equal to Qe 900-10P and supply equal to Q-20P 5. Draw the graph of demand and supply curve. What are the equilibrium price and quantity on the market? a.
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