In a perfectly competitive market, market demand is Q(P)=160 – (5/2)*P while market supply is Q-(P)= -20 + (1/2)*P. What is the equilibrium price?

In a perfectly competitive market, market demand is Q(P)=160 – (5/2)P while market supply is Q-(P)= -20 + (1/2)P. What is the equilibrium price?

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter9: Perfect Competition

Section9.3: Perfect Competition In The Long Run

Problem 3ST

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In a perfectly competitive market, market demand is Q(P)=160 – (5/2)*P while market
supply is Q-(P)= -20 + (1/2)*P.
What is the equilibrium price?

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