Use the following information to answer the following questions.
Market for a new hardcover book:
Demand: Q d = 325 - 8P
Supply: Q s = -60 + 3P
-What would be the equilibrium price for hardcover books?
A) $100
B) $45
C) $385
D) $35
E) $11

Question

Quizplus · Accepted Answer

To find the equilibrium price, we need to set demand equal to supply and solve for P:
325 - 8P = -60 + 3P
Combining like terms:
385 = 11P
Dividing both sides by 11:
P = 35. Therefore, the equilibrium price for hardcover books is $35.

Use the Following Information to Answer the Following Questions