Economics - Equilibrium Price/Output Combination
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Office building maintenance plans call for the stripping, waxing, and buffing of ceramic floor tiles. This work is often contracted out to office maintenance firms, and both technology and labor requirements are very basic. Supply and demand conditions in this perfectly competitive service market in New York are:
QS = 2P - 20
(Supply)
QD = 80 - 2P
(Demand)
where Q is thousands of hours of floor reconditioning per month, and P is the price per hour.
Determine the market equilibrium price/output combination algebraically and graphically.
For the graph, use prices: 10, 20,30,40,50,
and Quantities:5,10,15,20,25,30,35,40
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Solution Summary
The equilibrium price and output combinations in economics are examined. A complete, neat and step-by-step solution is provided in the attached Excel file.
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