Suppose the domestic supply (Q^S) and demand (Q^D)for MP3 players in the United States are given by the following set of equations: $$\begin{array} { l } Q ^ { S } = - 25 + 10 P \ Q ^ { D } = 875 - 5 P \end{array}$$ In the absence of international trade in MP3 players, how many MP3 players will be sold in the United States? A)825 B)575 C)608 D)925

Question

Quizplus · Accepted Answer

To find the equilibrium quantity, set Q^S equal to Q^D: -25 + 10P = 875 - 5P. Solving for P gives P = 60. Substitute P = 60 into either Q^S or Q^D to find the quantity: Q = 575.

Suppose the Domestic Supply (QS) and Demand (QD)for MP3 Players QS=−25+10PQD=875−5P\begin{array} { l } Q ^ { S } = - 25 + 10 P \\Q ^ { D } = 875 - 5 P\end{array}QS=−25+10PQD=875−5P​

Suppose the Domestic Supply (Q^S) and Demand (Q^D)for MP3 Players $\begin{array} { l } Q ^ { S } = - 25 + 10 P \\Q ^ { D } = 875 - 5 P\end{array}$