Find the best answers to your questions at Westonci.ca, where experts and enthusiasts provide accurate, reliable information. Discover precise answers to your questions from a wide range of experts on our user-friendly Q&A platform. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.
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 you found what you were looking for. Feel free to revisit us for more answers and updated information. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Your questions are important to us at Westonci.ca. Visit again for expert answers and reliable information.
