In a hypothetical market for bottled water, the market demand and supply are described by the following equations:- Market Demand: QD = 1150 - 100P- Market Supply: QS = -100 + 400Pa) Find the equilibrium price and quantity.To find the equilibrium, set the quantity demanded (QD) equal to the quantity supplied (QS):\[1150 - 100P = -100 + 400P\]Solve for the equilibrium price (P) and substitute it back into either the demand or supply equation to find the equilibrium quantity.

Equilibrium is the state of having balanced economic forces. Given that, Qd= 1150-100P and Qs=-100+400PEquilibrium Qd=Qs1150-100P=-100+400P1250=500PPrice (P)= 2.5Quantity (Q)= 1150-100P1150-100*2.5= 900 Thus, Equilibrium Price= 2.5 and Equilibrium Quantity= 900

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There is a hypothetical market for bottled water. The market demand and supply are QD = 1150 – 100P and QS = -100 + 40OP. %3D a) Find the equilibrium price and quantity.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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