SOLUTION: Consider the market for wheat which is represented by the following equations: Demand: P= 75-5Q Supply: P=12+2Q Graph these curves being sure to fully label your graph find t

Algebra ->  Graphs -> SOLUTION: Consider the market for wheat which is represented by the following equations: Demand: P= 75-5Q Supply: P=12+2Q Graph these curves being sure to fully label your graph find t      Log On


   

Question 881747: Consider the market for wheat which is represented by the following equations:
Demand: P= 75-5Q
Supply: P=12+2Q
Graph these curves being sure to fully label your graph find the equilibrium quantity and price
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!

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Equlibrium occurs when Demand=Supply
75-5Q=12%2B2Q
-7Q=-63
Q=9
P=12%2B2%289%29=12%2B18=30