Question
Assume that demand for a community is represented by the equation P=110-3Qd Supply is represented by the equation P=-10+3Q where Qd and Qs are quantity
Assume that demand for a community is represented by the equation
P=110-3Qd
Supply is represented by the equation
P=-10+3Q
where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.
Using the equilibrium condition Qs=Qd, solve the equations to determine equilibrium price and equilibrium quantity.
Equilibrium price= $_____
Equilibrium quantity= _____ units
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Principles of Microeconomics
Authors: N. Gregory Mankiw
8th edition
1305971493, 978-1305971493
