The demand curve for knobs is P = 75 - 6QD and the supply curve for knobs is P = 35 + 2QS.What is the equilibrium price of a knob?

Question

Quizplus · Accepted Answer

The equilibrium price is found where the demand curve and supply curve intersect. Setting the two equations equal to each other, we get:75 - 6QD = 35 + 2QSSolving for QS, we get:QS = (75 - 35) / (6 + 2) = 10Substituting this back into either the demand or supply equation, we get:P = 75 - 6(10) = 45Therefore, the equilibrium price of a knob is $45.

The Demand Curve for Knobs Is P = 75 -