Answer to Question #143370 in Economics of Enterprise for Kayleigh

Question

In relation to producers, consumers and competitive markets, the domestic supply and demand curves for pecan nuts in South Africa at equilibrium are Supply P=50+Q
Demand P=200-2Q
Where P is the price in rand per kilogram and Q is the quantity in millions of kilograms

Answer 1

In equilibrium Qd = Qs, so:

200 - 2Q = 50 + Q,

3Q = 150,

Q = 50 millions of kilograms,

P = 50 + 50 = 100 rands.