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

ediculeN

ediculeN

Answered question

2021-02-04

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

Answer & Explanation

dessinemoie

dessinemoie

Skilled2021-02-05Added 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
Jeffrey Jordon

Jeffrey Jordon

Expert2021-11-08Added 2605 answers

Answer is given below (on video)

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