Just give the final answerThe demand for petroleum is given by QD=85 – 0.4? where QD is the quantity demanded inthousands of barrels per day and P is the price per barrel in dollars. The supply of petroleum is givenby QS=55+0.6?. Calculate the equilibrium price and quantity in this market.

Given data: Demand of petroleum is given by, QD=85-0.4P Supply of petroleum is given by, QS=55+0.6P…

Answered: The demand for petroleum is given by…

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 8PA

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The demand for petroleum is given by QD=85 – 0.4? where QD is the quantity demanded in thousands of barrels per day and P is the price per barrel in dollars. The supply of petroleum is given by QS=55+0.6?. Calculate the equilibrium price and quantity in this market.