Illusrtate the equilibrium point, Macroeconomics

Assignment Help:

QXd = 14 - (1/2)PX and QXs = (1/4)PX - 1

Instructions: Round your answers to the nearest whole number.

a. Determine the equilibrium price and quantity. Show the equilibrium graphically.

Equilibrium price:

Equilibrium quantity:

Use the tools provided to graph the inverse supply function 'S' and the inverse demand function 'D' from X = 0 to X = 6 (two points total for each) and indicate the equilibrium point.

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