If the price was $15 and quantity demanded is 1 and quantity supplied is 27, and if the price is $14 an dthe quantity demanded is 4 and quantity supllied is 25, and if the price is $13 an dquantity demanded is 9 and quantity supplied is 21, and if the price is $12 and the quantity demanded is 16 and quantity supplied is12, and if the price is $11 and the quantity demanded is 22 and the quantity supplied is 6 and if the price is $10 and the quantity demanded is 26 an dthe quantity supplied is 2. What is the equilibrium price and equilibrium quantity.
2007-01-25 11:21:43 · 1 answers · asked by abraham h 1 in Social Science ➔ Economics
Equilibrium is when supply=demand which will happen between these two points
$13 an quantity demanded is 9 and quantity supplied is 21
$12 and the quantity demanded is 16 and quantity supplied is12
the demand line is 9=M13+b and 16=M12+b so subtracting the equations gives -7=M is slope of demand and substitute point into get b 16=-7x12+b gives b=100
the supply line is 21=M13+b and 12=M12+b so subtracting the equations gives 9=M is slope of supply and substitute point into get b 12=9x12+b gives b=-96
then set -7p+100=9p-96 solve for p 206=16p
2007-01-25 15:26:02 · answer #1 · answered by meg 7 · 1⤊ 0⤋