Question

The Supply/Demand equilibrium price is __________ with an equilibrium quantity of _________. PRICE Column 1 Quantity Column 2 Quantity $5 11 92 $6 36 68 $7 50 50 $8 73 37 $9 88 26 $10 102 9 A. $7; 50 units B. $8; 110 units C. $5; 11 units D. $7; 100 units

Answer 1

Answer:

a) price of $7 and quantity of 50 units

Explanation:

According to what I'm understanding of the table you got the following:

$\left[\begin{array}{ccc}Price&Supply&Demand\\5&11&36\\6&36&68\\7&50&50\\7&73&37\\...&....&...\end{array}\right]$

The equilibrium will be when both forces meet in this case, it is clear that it is happening at a price equal to $7 which generates a supply of 50 units and a demand for 50 units. Both have the same value so it is equilibrium