Question
Asked Sep 14, 2019
188 views
QS    =  3P
QD  =  400−P

What is the equilibrium price and quantity?

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Expert Answer

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Step 1

To calculate the equilibrium price and quantity.

Step 2

Quantity supplied is the quantity that the sellers are willing to supply at a given price. Quantity demanded is the quantity that consumers are willing to buy at a given price. Equilibrium exists when quantity demanded is equal to quantity supplied.

Step 3

Equating quantity demanded a...

QS QD
3P-400-P
4P-400
P=100
Q=3(100)
Q 300
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QS QD 3P-400-P 4P-400 P=100 Q=3(100) Q 300

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Tagged in

Business

Economics

Supply and Demand

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