Determining equilibrium price and quantity for pears
The supply and demand curves for pears are
Qs = 10000P
QD = 25000-15000P
Where Qs is the quantity (tons) supplied, Qd is the quantity
(tons) demanded, and P is the price per pear (in hundreds of dollars per ton).
a.Plot the supply and demand curve
b.What is the equilibrium price?
c.What is the equilibrium quantity?
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