Suppose Market demand and supply are given by Qd = 100 - 2P and Qs = 5 +3P What is the equilibrium price? What is the equilibrium quantity?
Added by Christopher A.
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Given: Qd = 100 - 2P Qs = 5 + 3P Setting Qd = Qs: 100 - 2P = 5 + 3P 95 = 5P P = 19 Therefore, the equilibrium price is $19. Show more…
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