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Consider a perfectly competitive world, the demand and supply are given by Qd = 10 - 5.2*P and Qs = 5*P. How much is the equilibrium quantity? Round to two decimal places, and do not enter the currency symbol. If your answer is $1.125, enter $1.13

Consider a perfectly competitive world, the demand and supply are given by Qd = 10 - 5.2*P and Qs = 5*P. How much is the equilibrium quantity? Round to two decimal places, and do not enter the currency symbol. If your answer is $1.125, enter $1.13

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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I tried to calculate the equilibrium but it doesn't get a reasonable answer. I found this questions really similar. Please answer it in clear steps and details. Thank you!

Consider a perfectly competitive world, the demand and supply are given by Qd = 10 - 5.2*P and Qs = 5*P. How much is the equilibrium quantity? Round to two decimal places, and do not enter the currency symbol. If your answer is $1.125, enter $1.13
Transcribed Image Text:Consider a perfectly competitive world, the demand and supply are given by Qd = 10 - 5.2*P and Qs = 5*P. How much is the equilibrium quantity? Round to two decimal places, and do not enter the currency symbol. If your answer is $1.125, enter $1.13
Consider a perfectly competitive world, the demand and supply are given by Qd = 20 - 3.00*P and Qs = 4*P. If the price is $10 How much is the excess supply or the excess demand? Round to two decimal places, and do not enter the currency symbol. If your answer is $1.125, enter $1.13
Transcribed Image Text:Consider a perfectly competitive world, the demand and supply are given by Qd = 20 - 3.00*P and Qs = 4*P. If the price is $10 How much is the excess supply or the excess demand? Round to two decimal places, and do not enter the currency symbol. If your answer is $1.125, enter $1.13
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