Supply and demand - Equilibrium Price and Quantity
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The following relation describes the monthly demand and supply for a computer support service, catering to small businesses:
Qd = 3,000 - 10P
Qs = -1000 + 10P
2a) At what average monthly fee would demand equal zero?
2b) At what average monthly fee would supply equal zero?
2c) What are the equilibrium price and equilibrium quantity?
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Solution Summary
The supply and demand and equilibrium price and quantity is examined. A complete, neat and step-by-step solution is provided.
Solution Preview
(2a) Plug in Qd = 0 and solve for P
0 = 3000 - 10P
P = 3000/10 = ...
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