Based on the information given, it can be deduced that the equilibrium price is 1000 and the quantity will be 17000.
The following can be depicted from the information given:
- Qd = 20,000 - 3P
- Qs = 15,000 + 2P
To get the equilibrium price and quantity, both will be equated. This will be:
Qd = Qs
20,000 - 3P = 15,000 + 2P
2P + 3P = 20000 - 15000
5P = 5000
P = 5000/5
P = 1000
Then, the quantity will be:
Qd = 20,000 - 3P
Q = 20000 - 3(1000)
Q = 20000 - 3000
Q = 17000
The quantity is 17000.
In a situation where the energy sector improves the technology, there'll be an increase in the quantity of the product and a reduction in price.
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