can some explain the steps for thisHomework Answers
Ans: B ) 10;500
Explanation:
At equilibrium , QD = QS
700 - 20Q = 300 + 20Q
40Q = 400
Q = 400 / 40 = 10 ( Equilibrium quantity)
Now we put the value of Q in any equation to get the equilibrium price.
P = 700 - 20QD = 700 - ( 20 *10 ) = 700 - 200 = 500
P = 300 + 20QS = 300 + ( 20 *10 ) = 300 + 200 = 500
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