Consider the following demand and supply equations for Chocolates:
Qd=140-P and Qs= -120+P.
Using the equations above, and find the equilibrium price.
demand = supply, so
140-P = -120+P
P=130
Qd=140-P and Qs= -120+P.
Using the equations above, and find the equilibrium price.
140-P = -120+P
P=130