Calculate the equilibrium quantity-equilibrium price

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Reference no: EM13834255

1) A local market for new wood pallets has daily demand described by P=178-0.2Q and supply described by P=85+0.1Q. Calculate the equilibrium quantity.

2) Suppose a market has a supply described by P=3.0+0.1Q and a demand described by P=6.0-0.2Q. Calculate the equilibrium price.

(Format tips: Answers must be within 0.1 of the true value to be counted as correct, so don't round too soon. Do not include dollar signs, spaces, or plus signs

Reference no: EM13834255

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