Demand Curve: p=95-q Supply Curve: p=15+3q What is the equilibrium price and quantity?
Demand Curve: p=95-q Supply Curve: p=15+3q What is the equilibrium price and quantity?
Homework Answers
At the equilibrium the demand and supply are equal .
95 - q = 15 + 3q.
= 95-15 = 3q+q
80 = 4q
Q = 80/4
Q = 20.
Price = 95 -20
Price = 75.
At the equilibrium the price will be 75 and quantity will be 20.
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