What will the new equilibrium price and quantity be

Reference no: EM13224580

Assume the market for Florida oranges is in equilibrium.

Demand is represented by Qd = 60 - 2P

Supply is represented by Qs = 10 + 3P

where the quantity is in thousands of pounds.

If a hurricane strikes Florida, and destroys 20 thousand pounds of oranges, what will the new equilibrium price and quantity be?

Reference no: EM13224580

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