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Microeconomics Discussion Group

Equilibirum Price Value

Equilibirum Price Value

by Alicia Oosthuizen - Number of replies: 0

Use the following two equations for the demand and supply curves to compute the equilibrium price value.

Demand curve: Qd=3300−2PQ​d​​=3300−2P

Supply curve: Qs=500+8PQ​s​​=500+8P

What is the value of the equilibrium price?
What is the equilibrium quantity?