SOLUTION: Suppose the supply and demand equation are given as follow: Demand: QD=116-2*p Supply: QS=13+1*p What's the equilibrium quantity? (Hint: enter your answer in 2 decimal pla

Algebra ->  Finance -> SOLUTION: Suppose the supply and demand equation are given as follow: Demand: QD=116-2*p Supply: QS=13+1*p What's the equilibrium quantity? (Hint: enter your answer in 2 decimal pla      Log On


   

Question 1196382: Suppose the supply and demand equation are given as follow:
Demand: QD=116-2*p
Supply: QS=13+1*p
What's the equilibrium quantity? (Hint: enter your answer in 2 decimal places.
Answer by ikleyn(52873) About Me  (Show Source):
You can put this solution on YOUR website!
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Equilibrium condition is  QD = QS, which implies

    116 - 2p = 13 + 1p,

    116 - 13 = 2p + p

      103    = 3p

       p     = 103/3 = 34.33   (rounded).    ANSWER

Solved.