Consider a market characterized by the following demand and supply conditions: P_X = 50 − 5Q_X and P_X = 32 + Q_X.The equilibrium price and quantity are,respectively:

Question

Quizplus · Accepted Answer

To find the equilibrium price and quantity, set the demand equation equal to the supply equation: 50 - 5Q = 32 + Q. Solving for Q gives Q = 3 units. Substituting Q = 3 into either the demand or supply equation gives a price of $35.

Consider a Market Characterized by the Following Demand and Supply