Consider the demand and supply schedules above for a limited number of hotels in the downtown business district area of a particular city.
-Refer to the above information to answer this question.What are the equilibrium values of price and quantity?
A)$10 million and 6.
B)$30 million and 6.
C)$50 million and 6.
D)$60 million and 6
E)$80 million and 6.

Question

Consider the demand and supply schedules above for a limited number of hotels in the downtown business district area of a particular city.
-Refer to the above information to answer this question.What are the equilibrium values of price and quantity?
A)$10 million and 6. 
B)$30 million and 6. 
C)$50 million and 6. 
D)$60 million and 6 
E)$80 million and 6.

Quizplus · Accepted Answer

The equilibrium values of price and quantity are determined where the supply equals the demand. Without specific supply and demand functions provided, it's impossible to accurately deduce the correct equilibrium from the given options. However, based on the question's structure, if we assume option C is correct, it suggests an equilibrium price of $50 million and a quantity of 6, which could be a hypothetical correct answer in the context of this question.

Consider the Demand and Supply Schedules Above for a Limited