If Demand is given by P = 75 - 3Q and Supply is given by P = 12 + 4Q, then the equilibrium (Q,P)is:
A)(9,48).
B)(11,55).
C)(7,54).
D)(8,44).

Name: If Demand is given by P = 75 - 3Q and Supply is given by P = 12 + 4Q, then the equilibrium (Q,P)is: A)(9,48). B)(11,55). C)(7,54). D)(8,44).
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Question

Quizplus · Accepted Answer

To find the equilibrium, set the demand equation equal to the supply equation: 75 - 3Q = 12 + 4Q. Solving for Q gives Q = 9. Substituting Q = 9 into either equation gives P = 48.

If Demand Is Given by P = 75 - 3Q