Question
Assume thatdemand for acommodity is represented by theequation P=902Qd Supply is represented by the equation P=5+3Qs where Q d and Q s are quantity demanded
Assume thatdemand for acommodity is represented by theequation
P=902Qd
Supply is represented by the equation
P=5+3Qs
whereQdandQsare quantity demanded and quantity supplied, respectively, andPis price.
Instructions:Round your answer for price to 2 decimal places and enter your quantity as a whole number.
a. Using the equilibrium conditionQs=Qd,determine equilibrium price.
b. Now determine equilibrium quantity.
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Financial Reporting And Analysis
Authors: Lawrence Revsine, Daniel Collins
5th Edition
0078110866, 978-0078110863
