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Determining equilibrium price and quantity for pears

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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?

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

Solution provided by:
Lokesh Jain, MSc
Education
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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