Estimating the demand and supply curves

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Reference no: EM13967017

Demand and Supply Curves. 

The following relations describe monthly demand and supply relations for dry cleaning services in the metropolitan area:

QD = 500,000 - 50,000P (Demand)

QS = -100,000 + 100,000P (Supply)

where is quantity measured by the number of items dry cleaned per month and is average price in dollars.

A. At what average price level would demand equal zero?

B. At what average price level would supply equal zero?

C. Calculate the equilibrium price/output combination.

Reference no: EM13967017

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