Answered: Demand and supply equations are given…

Demand and supply equations are given below. Calculate the equilibrium price and the equilibrium quantities. Qs -20+4P Qd = 150-6P O A. 17 and 48. OB. 10 and 130 O C. 4 and 150 O D. 2 and 170

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

Question

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Demand and supply equations are given below Calculate the equilibrium price and the equilibrium quantities.
Qs = -20 + 4P
Qd = 150 - 6P
O A. 17 and 48
O B. 10 and 130
O C. 4 and 150
O D. 2 and 170

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