QuestionDetermine the equilibrium quantity and price from the supplied and demanded quantities at different prices.
Studdy Solution
STEP 1
Assumptions1. The table provides the quantity supplied and quantity demanded at different prices. . Equilibrium is achieved when quantity supplied equals quantity demanded.
STEP 2
We need to find the price and quantity where quantity supplied equals quantity demanded. This is the definition of equilibrium in the context of supply and demand.
STEP 3
Looking at the table, we can see that the quantity supplied equals the quantity demanded at a price of $25. At this price, both the quantity supplied and quantity demanded are18.
STEP 4
Therefore, the equilibrium quantity, q, is18 and the equilibrium price, p, is $25.
The equilibrium quantity is18 and the equilibrium price is $25.
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