**Question 5**For the following demand and supply curves:\[ Q_d(P) = 2403 - 24P \]\[ Q_s(P) = -145 + 25P \]find the equilibrium QUANTITY- 52- 1155- 1234- 54**Explanation:**To find the equilibrium quantity, set the demand equal to the supply:\[ 2403 - 24P = -145 + 25P \]Solve for $ P $ and use it to find the equilibrium quantity by substituting back into either the demand or supply equation.

Equilibrium occurs at the point where quantity demanded is equal quantity supplied. At equilibrium,…

Answered: For the following demand and supply…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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For the following demand and supply curves: Q(P) = 2403-24P Q,(P) = - 145+25P find the equilibrium QUANTITY 52 O 1155 1234 O 54