$$\begin{array} { | c | c | c | c | c | }
\hline ( 1 ) & ( 2 ) & ( 3 ) & ( 4 ) & ( 5 ) \
Q _ { d } & Q _ { d } & \text { Price } & Q _ { S } & Q _ { S } \
\hline 50 & 40 & \$ 10 & 70 & 80 \
\hline 60 & 50 & 9 & 60 & 70 \
\hline 80 & 60 & 8 & 50 & 60 \
\hline 90 & 70 & 7 & 40 & 50 \
\hline 100 & 80 & 6 & 30 & 40 \
\hline
\end{array}$$ Refer to the table. If demand is represented by columns (3) and (1) and supply is represented by columns (3) and (4), equilibrium price and quantity will be

Question

$$\begin{array} { | c | c | c | c | c | } 
\hline ( 1 ) & ( 2 ) & ( 3 ) & ( 4 ) & ( 5 ) \
Q _ { d } & Q _ { d } & \text { Price } & Q _ { S } & Q _ { S } \
\hline 50 & 40 & \$ 10 & 70 & 80 \
\hline 60 & 50 & 9 & 60 & 70 \
\hline 80 & 60 & 8 & 50 & 60 \
\hline 90 & 70 & 7 & 40 & 50 \
\hline 100 & 80 & 6 & 30 & 40 \
\hline
\end{array}$$ Refer to the table. If demand is represented by columns (3) and (1) and supply is represented by columns (3) and (4), equilibrium price and quantity will be

Quizplus · Accepted Answer

Equilibrium occurs where the quantity demanded equals the quantity supplied. At a price of $9, the quantity demanded (from column 1) is 60 units and the quantity supplied (from column 4) is also 60 units, making it the equilibrium point.

Refer to the Table