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Stella [2.4K]
2 years ago
10

Demand and supply in a market are described by the following equations: qd = 66-3p qs = -4 2p find the equilibrium price and qua

ntity
Mathematics
1 answer:
Arada [10]2 years ago
5 0

The equilibrium price is $14 and the quantity is 24.

<h3>What is the equilibrium price?</h3>

Equilibrium is the place in the market where there is no trend for change.

Buyers’ and sellers’ plans accord, and consequently quantity demanded equals quantity supplied.

The equilibrium price occurs when the quantity demanded equals the quantity supplied.

The demand and supply functions are, respectively:

Demand and supply in a market are described by the following equations: QD = 66-3p and qs = -4 + 2p.

The equilibrium price and quantity are;

QD = QS

66-3p = -4 + 2p

66 + 4 = 2p + 3p

70 = 5p

p = 70/5

p = 14

QD = 66-3p

QD = 66-3 × 14

QD = 66- 42

QD = 24

Hence, the equilibrium price is $14 and the quantity is 24.

Learn more about equilibrium quantity here;

brainly.com/question/5101182

#SPJ4

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Yakvenalex [24]

Answer:

The indifference point is 140 minutes.

Step-by-step explanation:

Giving the following information:

Plan A costs $ 25 plus an additional $0.10 for each minute of calls.

Plan B costs $18 plus an additional $0.15 for each minute of calls.

<u>First, we need to establish the total cost formula for each plan:</u>

<u />

Plan A= 25 + 0.1*x

Plan B= 18 + 0.15*x

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<u>Now, to calculate the indifference point, we equal both formulas and isolate x:</u>

25 + 0.1x = 18 + 0.15x

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The indifference point is 140 minutes.

<u>Prove:</u>

Plan A= 25 + 0.1*140= $39

Plan B= 18 + 0.15*140= $39

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