Question

Pls answer quickly, thanks!!

Answer 1

At the equilibrium price p, we can solve for the quantity of goods x :

demand = supply

5200 - 0.0005x = 2800 + 0.0003x

2400 = 0.0008x

x = 3,000,000

With this quantity of goods, the equilibrium price is

p = 5200 - 0.0005 (3,000,000)

p = 5200 - 1500

p = 3700