Suppose the supply function is given by P = 12.75 + 0.25Qs and the demand function is given by P = 53.25 - 1.25Qd. How do you find the equilibrium price and quantity? Please provide a step-by-step explanation. (How do you get the equilibrium price at 19.5 and equilibrium quantity at 27?)
Added by Miguel V.
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12.75 + 0.25Qs = 53.25 - 1.25Qd Show more…
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