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scoundrel [369]
4 years ago
14

The demand and supply for catnip are given by the following tables: Demand Price Quantity Supply Price Quantity $1.50/lb 2.00 2.

50 3.00 3.50 4.00 10 lb 9 8 7 4 3 $1.50/lb 2.00 2.50 3.00 3.50 4.00 4 lb 5 6 7 10 11 What quantity is sold in equilibrium, and at what price

Business
1 answer:
DENIUS [597]4 years ago
5 0

Answer:

7

$3

Explanation:

Equilibrium is the point where Quanitity supplied equals quantity demanded. The price at this point is known as the equilibrium price and the Quanitity at this point is known as equilibrium Quanitity.

Quanitity demanded is equal to Quanitity supplied at 7 units. Price at this point is $3

Please check the attached image for a clearer image of this question.

I hope my answer helps you

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