Answer to Question #106811 in Microeconomics for Steve

Question #106811

Demand for potatoes is: Qd= 120-p
The supply of potatoes is Qs = 5p

What is the equilibrium price of potatoes?

Expert's answer

In equilibrium Qd = Qs

120 - Р = 5Р

120 = 5Р + Р

120 = 6Р

Р = 120/6

Р = 20

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