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Suppose market demand and supply are given by Qd = 300 - 4P and Qs = -50 + 3P
Suppose market demand and supply are given by Qd = 300 - 4P and Qs = -50 + 3P.
The equilibrium quantity is:
A. 100.
B. 80.
C. 115.
D. 120.
Expert Solution
The equilibrium quantity is A.100
At the equilibrium point, quantity demanded will equal quantity supplied. So we can set those equations equal to each other and solve for P:
300 - 4P = -50 + 3P
350 = 7P
50 = P
Then use P = 50 to solve for Q:
Q = -50 + 3 (50)
Q = 100
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