2) The demand for boats is given by Q^D=5-1/2p and the supply is given by Q^s=p-1 . What is the equilibrium price and quantity? ) p=3,Q=4 b) p=4,Q=3 c) p=5,Q=4 d) p=12,Q=11

Question

2) The demand for boats is given by Q^D=5-1/2p and the supply is given by Q^s=p-1 . What is the equilibrium price and quantity? ) p=3,Q=4 b) p=4,Q=3 c) p=5,Q=4 d) p=12,Q=11

Answer 1

To find the equilibrium price and quantity, we need to set the demand equation equal to the supply equation and solve for p. Then we can substitute the value of p into either the demand or supply equation to find the equilibrium quantity.

Now, substitute p = 4 into either the demand or supply equation to find the equilibrium quantity:

Therefore, the equilibrium price is

and the equilibrium quantity is

.The correct answer is b)

.

Soru

2) The demand for boats is given by Q^D=5-1/2p and the supply is given by Q^s=p-1 . What is the equilibrium price and quantity? ) p=3,Q=4 b) p=4,Q=3 c) p=5,Q=4 d) p=12,Q=11

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