If the market for bread is described by the following equations Qd=210-0,6P and Qs=-96+1,1P what is the equilibrium quantity for bread?
If the market for bread is described by the following equations Qd = 210 - 0.6P and Qs = -96 + 1.1P, then in equilibrium Qd = Qs, so:
"210 - 0.6P = -96 + 1.1P,"
1.7P = 306,
P = 180,
"Q = -96 + 1.1\u00d7180 = 102" units.
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