QUESTION 1 The following equations represent the annual quantity demanded (Qd) and quantity supplied (Qs) for tickets for Danubiana Museum of Modern Art in Bratislava, Slovakia.   Qd = 50,000-1,000P Qs = 10,000+3,000P, where P is the price of a ticket in euros.   Find the equilibrium price and quantity of tickets for Danubiana Museum of Art.

Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
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QUESTION 1

The following equations represent the annual quantity demanded (Qd) and quantity supplied (Qs) for tickets for Danubiana Museum of Modern Art in Bratislava, Slovakia.

 

Qd = 50,000-1,000P

Qs = 10,000+3,000P, where P is the price of a ticket in euros.

 

Find the equilibrium price and quantity of tickets for Danubiana Museum of Art.

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