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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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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.

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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 ...

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