Question

g Price ($) Qd Qs 40 150 120 50 130 130 60 110 150 70 100 170 80 90 180 Farmington: Price ($) Qd Qs 40 310 190 50 300 220 60 290 250 70 280 280 80 270 310 What is the equilibrium price and quantity for each country?

Answer 1

First country

Equilibrium price = 50

Equilibrium quantity = 130

Farmington

Equilibrium price = 70

Equilibrium quantity = 280

Step-by-step explanation:

Equilibrium price is where the quantity demanded is equal to the quantity supplied.

Equilibrium quantity is the quantity at which quantity demanded is equal to quantity supplied.

For the first country, the equilibrium price is 50 because that is where quantity supplied equals quantity demanded.

Equilibrium quantity = 130

For Farmington

Equilibrium price is 70

Equilibrium quantity is 280

I hope my answer helps you