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What is the equilibrium price in this market

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Reference no: EM132518223

Assume that the demand curve D(p) given below is the market demand for apples:

Q=D(p)=260-10p

Q=D(p)=260-10p, p > 0

Let the market supply of apples be given by:

Q=S(p)=46+7p

Q=S(p)=46+7p, p > 0

where p is the price (in dollars) and Q is the quantity. The functions D(p) and S(p) give the number of bushels demanded and supplied.

What is the equilibrium price in this market?

Round the equilibrium price to the nearest cent.

Reference no: EM132518223

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