If the supply is : q = 5p +150 and the demand is q = - 2 + 920 What is the price and the equilibrium quantity ?
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Expert's answer
2014-03-26T11:21:17-0400
If the supply is : q = 5p +150 and the demand is q = - 2p + 920. What is the price and the equilibrium quantity ?
Solution The equilibrium price and quantity are in the point where Qd = Qs: 920 - 2P = 150 + 5P; 7P = 770; P = $110; Q = 150 +5P = 150+5*110=150+550=700 units. Answer:$110; 700 units.
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