the demand function for Schrecklichs is 200 - 4P_S -2P_L and the demand function for LaMerdes is 200 - 3P_L - P_S, where P_S and P_L are respectively the price of Schrecklichs and LaMerdes.If the world supply of Schrecklichs is 140 and the world supply of LaMerdes is 180, then the equilibrium price of Schrecklichs is A)$15. B)$14. C)$2. D)$16. E)$28.

Question

Quizplus · Accepted Answer

The equilibrium price is determined where the quantity demanded equals the quantity supplied. Given the supply of Schrecklichs is 140, and considering the demand function provided, we would solve for the price that equates this supply with the demand. The correct choice reflects the price that balances the demand and supply for Schrecklichs, which can be found through calculation or analysis of the given functions.

The Demand Function for Schrecklichs Is 200 - 4PS -2PL

The Demand Function for Schrecklichs Is 200 - 4P_S -2P_L