Find the equilibrium price and quantity for the supply and demand equations.
d(p)=11,400−8p
s(p)=2p
The equilibrium price is at $ ___________ and at a quantity of_____ units.
0 25 0 0
d(p)=11,400-8p
s(p)=2p
price is 1140
the quantity is 2280
To find the equilibrium price and quantity, we need to set the demand equation equal to the supply equation:
d(p) = s(p)
11,400 − 8p = 2p
Now, we can solve for the equilibrium price:
11,400 = 10p
p = 1,140
So, the equilibrium price is $1,140.
To find the equilibrium quantity, we substitute the equilibrium price back into either the demand or supply equation. Let's use the supply equation:
s(p) = 2p
s(1,140) = 2(1,140)
s(1,140) = 2,280
So, the equilibrium quantity is 2,280 units.
Thus, the equilibrium price is $1,140 and the equilibrium quantity is 2,280 units.