Suppose that the demand curve for brown rice is given by P= 50,000 - 3Q², and supply is P = -10,000 + 3Q². The equilibrium price is ____ and the equilibrium quantity is ____. A) $110,000; 200 B) $20,000; 100 C) $100; 20,000 D) $2,000; 1,000

Question

Quizplus · Accepted Answer

To find the equilibrium, set the demand equal to supply: 50,000 - 3Q² = -10,000 + 3Q². Solving this gives Q = 100. Substitute Q = 100 into either equation to find P = 20,000.

Suppose That the Demand Curve for Brown Rice Is Given