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KATRIN_1 [288]
2 years ago
4

Suppose demand and supply are given by qxd = 14 - (1/2)px and qxs = (1/4)px - 1 instructions: round your answers to the nearest

whole number.
a. determine the equilibrium price and quantity. show the equilibrium graphically. equilibrium price: $ equilibrium quantity:

Business
1 answer:
leonid [27]2 years ago
5 0

Answer: Price - $20 , Quantity = 4 units

Explanation: Equilibrium in a goods market occurs when demand for a good is equal to its supply. It is given by,

Q_{xd}=Q_{xs}

where,

Qx_{xd} = 14 - \frac{1}{2}P_{x}    
Qx_{xs} = \frac{1}{4} P_{x}   - 1

So, we have

14 - \frac{1}{2}P_{x} = \frac{1}{4} P_{x}   - 1  15 = \frac{3}{4} Px_{x}   60 = 3 P_{x}   20= P_{x}[/tex]

Equilibrium price is $20.

Equilibrium quantity is Q= 14 - \frac{1}{2} P_{x}    Q= 14 - 10  Q= 4

Equilibrium quantity is 4 units.


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