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    Supply and Demand

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    Smiths lawn 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.

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    https://brainmass.com/economics/supply-demand-smiths-lawn-services-246982

    Solution Preview

    Smiths lawm 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 ...

    Solution Summary

    This solution explains how to calculate equilibrium price and output given two equations for supply and demand. This solution also shows a graph of supply and deman curves.

    $2.19