Find the equilibrium price and quantity for the supply and demand equations.
d(p)=14,700-5p
s(p)=2p
To find the equilibrium price and quantity, we need to set the supply and demand equations equal to each other and solve for the price and quantity at that point.
The demand equation is given as:
d(p) = 14,700 - 5p
The supply equation is given as:
s(p) = 2p
To find the equilibrium price, we set the demand and supply equations equal to each other and solve for p:
14,700 - 5p = 2p
Now, we can solve for p:
14,700 =7p
p = 2100
So, the equilibrium price is $2100.
To find the equilibrium quantity, we substitute the equilibrium price into either the demand or supply equation and solve for q.
Using the supply equation:
s(p) = 2p
s(2100) = 2(2100)
s(2100) = 4200
So, the equilibrium quantity is 4200 units.