Homework Answers
| Demand = 156 - .8q | ||||
| Supply = 40 + 5q | ||||
| The equilibrium price and quantity will occur when | ||||
| demand is equal to supply. | ||||
| 156 - .8q = 40 + 5q | ||||
| 116 = 5.8q | ||||
| q = 20 | ||||
| The equilibrium quantity is 20. | ||||
| The equilibrium price is (40 + 5q) | ||||
| The equilibrium price is (40 + (5*20) | ||||
| The equilibrium price is 140. | ||||
| The equilibrium price is $140. | ||||
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