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Determine the equilibrium price and quantity

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Reference no: EM132492468

Problem 1. A market consists of three customers, A,B and C, whose individual demand equations are as follows:

A: P = 35 - 0.5QA

B: P = 50 - 0.25QB

C: P = 40 - 2.00QC

The industry supply equation is given by Qs = 40 + 3.5P

a). Determine the equilibrium price and quantity.

b). Determine the amount that will be purchased by each individual.

Reference no: EM132492468

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