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Determining equilibrium price and quantity for pears

The supply and demand curves for pears are
Qs = 10000P
QD = 25000-15000P
Where Qs is the quantity (tons) supplied, Qd is the quantity (tons) demanded, and P is the price per pear (in hundreds of dollars per ton).
a.Plot the supply and demand curve
b.What is the equilibrium price?
c.What is the equilibrium quantity?

Solution Preview

Please refer attached file for complete solution. Graphs may not print here.

Solution:
a.
We can find corresponding values of Qd and Qs for various prices by using given functions, ...

Solution Summary

Solution sketches the graph for demand and supply curve of pears. It also explains the steps needed to determine equilibrium price and quantity.

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