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Advanced MathQ&A LibraryThe demand for watches is given by p = 7000 − 2q dollars, and the supply of watches is given by p = 0.01q + 2q + 1000 dollars, where q is the number of watches demanded and supplied when the price per watch is p dollars.Based on the information provided,calculate the equilibrium quantity and the equilibrium price for watches.Start your trial now! First week only $4.99!*arrow_forward*

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The demand for watches is given by p = 7000 − 2q dollars, and the supply of watches is given by p = 0.01q + 2q + 1000 dollars, where q is the number of watches demanded and supplied when the price per watch is p dollars.Based on the information provided,calculate the equilibrium quantity and the equilibrium price for watches.

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