Equilibrium price-output combination

Reference no: EM1367042

Office building maintenance plans call for the stripping, waxing, and buffing of ceramic floor tiles. This work is often contracted out to office maintenance firms, and both technology and labor requirements are very basic. Supply and demand conditions in this perfectly competitive service market in New York are:

QS = 2P - 20
(Supply)

QD = 80 - 2P
(Demand)

where Q is thousands of hours of floor reconditioning per month, and P is the price per hour.

Determine the market equilibrium price/output combination algebraically and graphically.

For the graph, use prices: 10, 20,30,40,50,

and Quantities:5,10,15,20,25,30,35,40

Reference no: EM1367042

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