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    Determining equilibrium price and quantity

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    Given the following data for peaches which was estimated by regression analysis
    P = 80 - Q (Demand)
    P = 20 + 2Q (Supply)

    Given the above demand and supply equations for peaches, find the equilibrium price and quantity. Also graphically show your answer.

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    https://brainmass.com/business/business-management/determining-equilibrium-price-quantity-219667

    Solution Preview

    Please refer attached file for complete solution as graphs will not print here.

    Solution:

    P=80-Q (demand)
    Qd=80-P

    P=20+2Qs
    2Qs=-20+P
    Q=-10+0.5P

    For ...

    Solution Summary

    The solution describes the steps for determining equilibrium price and quantity for given demand and supply curves. Equilibrium is found out by using algebraic and graphical method.

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