Answer to Question #142327 in Finance for Mr. Dinesh Pal Singh

Question #142327
13. Suppose that the demand and supply equations have been estimated and that the demand and supply curves are given by Qd = 14 - 2P & Qs = 2+ 4P; Determine the equilibrium price and quantity
1
Expert's answer
2020-11-06T10:10:22-0500

Equilibrium quantity,


Equilibrium price,


Market equilibrium is achieved when demand equals supply, that is when



When



the equilibrium price is and the equilibrium quantity is


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