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Llana [10]
3 years ago
14

The Case:

Social Studies
1 answer:
love history [14]3 years ago
4 0

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.

Learn more about equilibrium price on:

brainly.com/question/14297698

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