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# Equilibrium Prices and Quantity

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Lawn mowing services are supplied by a host of individuals in the suburb of Westbrook. Demand and supply conditions in the perfectly competitive domestic for lawn mowing services are:

P = \$75 - 1.75QD
(Demand)

P = \$2QS
(Supply)

where P is price per lawn mowed and Q is quantity of lawns mowed per day.

A. Algebraically determine the equilibrium industry price/output combination.

B. Confirm this by graphing industry demand and supply curves.

https://brainmass.com/economics/demand-supply/equilibrium-prices-quantity-226758

#### Solution Preview

Please refer attached file for graphs.

Solution:

A.Algebraically determine the equilibrium industry price/output combination.

P = \$2QS ...

#### Solution Summary

The solution describes the steps for determining equilibrium price and quantity for lawn mowing services. Solution is determined algebraically and graphically.

\$2.49