72 512
Assignments Done
98,8%
Successfully Done
In April 2019

# Answer to Question #40612 in Economics of Enterprise for Hector

Question #40612
If the supply is : q = 5p +150 and the demand is q = - 2 + 920 What is the price and the equilibrium quantity ?
If the supply is : q = 5p +150 and the demand is q = - 2p + 920. What is the price and the equilibrium quantity ?

Solution
The equilibrium price and quantity are in the point where Qd = Qs:
920 - 2P = 150 + 5P;
7P = 770;
P = $110; Q = 150 +5P = 150+5*110=150+550=700 units. Answer:$110; 700 units.

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!