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