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If the price was $20 and quantity demanded is 1 and quantity supplied is 25, If the price was $19 an dthe quantity demanded is 3 and quantity supplied is 24, If the price was $18 and the quantity demanded is 6 and quantity supplied is 22, If the price was $17 and the quantity demanded is 10 and quantity supplied is 18, If the price was $16 and the quantity demanded is16 and the quantity supplied is 10, If the price is $15 and the quantity demanded is 24 and the quantity supplied is 2. What is the equilibrium price and equilibrium quantity

2007-01-25 11:15:02 · 3 answers · asked by abraham h 1 in Social Science Economics

3 answers

The price is between $16 and $17 and the quantity is between 10 and 16. If you need the exact amount, plot them on a graph to see where the lines cross. Close to $16.50 and between 13 or 14 quantity.

2007-01-25 11:37:30 · answer #1 · answered by JuanB 7 · 0 0

The equilibrium is found when the quantity demanded equals the quantity supplied. Based on what you have given for information, that price must be somewhere between $16 and $17. The equilibrium quantity must be between 10 and 16 units.

2007-01-25 15:48:41 · answer #2 · answered by Sulli 2 · 0 0

16, you idiot.

2007-01-25 11:24:20 · answer #3 · answered by Anonymous · 0 1

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