Determine the equilibrium quantity

Reference no: EM13972021

Market EquilibriumAssume that demand for apples is represented by the equationQd = 100 - pand supply is represented by the equationQs = 2p - 20where Qd and Qs are quantity demand and quantity supply respectively.

a. using the equilibrium condition that Qs = Qd solve these equations to determine equilibrium price.

b. Determine the equilibrium quantity.

Reference no: EM13972021

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