Discover answers to your most pressing questions at Westonci.ca, the ultimate Q&A platform that connects you with expert solutions. Get detailed and precise answers to your questions from a dedicated community of experts on our Q&A platform. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.
Sagot :
The equilibrium price is $0.5 while the equilibrium quantity is 8.5
From the Demand data that we have in this question,
Slope = 3
Intercept = 10
The demand equation
D = -3p + 10
D = 10 - 3p
The supply data
Slope = 5
Intercept = 6
Supply equation
S = 6 + 5p
D = S
This is because at equilibrium, supply = demand
Therefore,
10-3P = 6+5P
collect like terms
10-6 = 3p+5p
4 = 8p
Divide through by 8
[tex]p =\frac{4}{8} \\\\= \frac{1}{2}[/tex]
Equilibrium price = $0.5
The equilibrium quantity
D = 10 - 3*0.5
= 10-1.5
= 8.5
Therefore from the calculation, the equilibrium price is $0.5 and the equilibrium quantity is 8.5
Read more on https://brainly.com/question/16689858?referrer=searchResults
Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.