Find the equilibrium price and quantity for the supply in demand and equations. d(p)= 14,400-5p s(p)= 1,500+2p

ediculeN 2021-02-04 Answered
Find the equilibrium price and quantity for the supply in demand and equations.
d(p)= 14,400-5p
s(p)= 1,500+2p
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Expert Answer

dessinemoie
Answered 2021-02-05 Author has 90 answers
Step 1
Consider the given equations:
d(p)= 14,400-5p
s(p)= 1,500+2p
Step 2
For equilibrium demand equals supply, therefore,
d(p)=s(p)
14400-5p=1500+2p
7p=12900
p=1842.86
Step 3
Quantity for supply is determined as follows:
s(p)=1500+2p
s(1842.86)=1500+2×1842.86
=5185.72
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Jeffrey Jordon
Answered 2021-11-08 Author has 2064 answers

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