Let the demand for Petrol be: Pd=100-18Qd and the supply for petrol be, Ps=20+2Qs Calculate the equilibrum price and quantity of petrol. a) Quantity= -7.5; Price= 5 b)Quantity= 4; Price= 28 c)Quantity= 6; Price= 32 d)Quantity= 5; Price= 30

Let the demand for Petrol be: Pd=100-18Qd and the supply for petrol be, Ps=20+2Qs Calculate the equilibrum price and quantity of petrol. a) Quantity= -7.5; Price= 5 b)Quantity= 4; Price= 28 c)Quantity= 6; Price= 32 d)Quantity= 5; Price= 30

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Let the demand for Petrol be:

P_d=100-18Q_d

and the supply for petrol be,

P_s=20+2Q_s

Calculate the equilibrum price and quantity of petrol.

a) Quantity= -7.5; Price= 5

b)Quantity= 4; Price= 28

c)Quantity= 6; Price= 32

d)Quantity= 5; Price= 30

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