Final answer:
At a price of P = $22, the quantity demanded (QD) would be 42 units, and the quantity supplied (QS) would be 92 units, calculated using the given supply and demand equations QD = 174 - 6P and QS = 4 + 4P.
Step-by-step explanation:
The question asks what happens at a price of P = $22 given the demand and supply equations, but there seems to be a typo since the equations provided later in the reference do not match the initial ones. Assuming the correct demand and supply equations are QD = 174 – 6P and QS = 4 + 4P as initially mentioned, we would plug in P = $22 into both equations to find the quantity demanded and supplied at that price level.
For demand: QD = 174 – 6 × 22 = 174 – 132 = 42
For supply: QS = 4 + 4 × 22 = 4 + 88 = 92
Thus, at P = $22, the quantity demanded would be 42 units and the quantity supplied would be 92 units.