Discover the best answers at Westonci.ca, where experts share their insights and knowledge with you. Get the answers you need quickly and accurately from a dedicated community of experts on our Q&A platform. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.
Sagot :
The equilibrium price is $14 and the quantity is 24.
What is the equilibrium price?
Equilibrium is the place in the market where there is no trend for change.
Buyers’ and sellers’ plans accord, and consequently quantity demanded equals quantity supplied.
The equilibrium price occurs when the quantity demanded equals the quantity supplied.
The demand and supply functions are, respectively:
Demand and supply in a market are described by the following equations: QD = 66-3p and qs = -4 + 2p.
The equilibrium price and quantity are;
QD = QS
66-3p = -4 + 2p
66 + 4 = 2p + 3p
70 = 5p
p = 70/5
p = 14
QD = 66-3p
QD = 66-3 × 14
QD = 66- 42
QD = 24
Hence, the equilibrium price is $14 and the quantity is 24.
Learn more about equilibrium quantity here;
https://brainly.com/question/5101182
#SPJ4
We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.
