Answer to Question #106811 in Microeconomics for Steve
Demand for potatoes is: Qd= 120-p
The supply of potatoes is Qs = 5p
What is the equilibrium price of potatoes?
1
2020-03-30T07:32:32-0400
In equilibrium Qd = Qs
120 - Р = 5Р
120 = 5Р + Р
120 = 6Р
Р = 120/6
Р = 20
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