Answer to Question #85114 in Microeconomics for Ayanda Lubisi

Question

Consider the following demand and supply functions: Demand: Qd = 300 – 15P.
Supply: Qs = –150 + 60P. What is the equilibrium price and output?
1. P = R2 and Q = 540.
2. P = R10 and Q = 150.
3. P = R6 and Q = 210.
4. P = R3.33 and Q = 200.

Answer 1

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