Assume that the market can be represented by the supply and demand curves: Qs = 6P...

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Assume that the market can be represented by the supply and demand curves: Qs = 6P - 60 Qp = 60 - 4P 1. What is the price in

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Answer 1

Answer #1

Answer 1. Aquarium Price = 12

Answer 2. Equilibrium Quantity = 12

Given,

QS = 6P – 60

QD = 60 – 4P

Now, we know that at equilibrium, quantity demanded (QD) is equal to quantity supplied (QS) i.e.

60 – 4P = 6P – 60

120 = 10P

P =12

Put the above value in any given equation

QS = 6P – 60

QS = (6*12) -60

QS = 72-60 -12

Therefore, equilibrium price is 12 and equilibrium quantity (QS=QD) is 12

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Answer 2

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Assume that the market can be represented by the supply and demand curves: Qs = 6P...

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