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Answer to Question #63517 in Microeconomics for abdissa badasso
Question #63517
Demand is P=12-(Q/2) and supply is P=Q/4, what is the equilibrium price and quantity?
Expert's answer
To find the equilibrium use the demand and supply curves:
P=12-(Q/2)
P=Q/4
12-(Q/2)= Q/4
Q=16
When Q is equal to 16 units of corn, the price of each unit of corn is $4.
P=12-(Q/2)
P=Q/4
12-(Q/2)= Q/4
Q=16
When Q is equal to 16 units of corn, the price of each unit of corn is $4.
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