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Find the equilibrium price and the equilibrium quantity

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Reference no: EM133130898

Suppose that the market demand function for ice cream (IC) is given by QdIC= 12000-2000PIC and the market supply function for ice cream is given by Qs­­IC= 2000PIC­ where Q = ice cream cones per week, P is the price (in dollars) of one ice cream cone.

  1. Find the equilibrium price and the equilibrium quantity.
  2. Find the market demand and supply schedules of ice cream when P = $0,1,2,3,4,5,6.
  3. Graph, on one set of axes, the market demand and supply curves for ice cream and show the equilibrium point.

Reference no: EM133130898

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