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29 December, 08:45

The demand for books is: qd = 120 - p the supply of books is: qs = 5p 4) refer to scenario 2.1. what is the equilibrium price of books?

a. 5

b. 15

c. 20

d. 10

e. none of the above

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Answers (1)
  1. 29 December, 08:55
    0
    You just have to find the intersection between the demand and the supply:

    Qd = 120 - p

    Qs = 5p

    When the quantities match:

    120 - p = 5p

    6p = 120

    p = 20 monetary units
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