Determining equilibrium prices and quantity

Reference no: EM1367134

Lawn mowing services are supplied by a host of individuals in the suburb of Westbrook. Demand and supply conditions in the perfectly competitive domestic for lawn mowing services are:

P = $75 - 1.75QD
(Demand)

P = $2QS
(Supply)

where P is price per lawn mowed and Q is quantity of lawns mowed per day.

A. Algebraically determine the equilibrium industry price/output combination.

B. Confirm this by graphing industry demand and supply curves.

Reference no: EM1367134

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