Answer in Microeconomics for p #112208
April 21st, 2023
Equilibrium in the market will occur at the point where the quantity demanded is equal to the quantity supplied.
Equating the demand curve to the supply curve:
“160 – Q = 40 + 4Q”
“5Q = 110”
“Q^* = dfrac{110}{5} = 22”
The equilibrium price is:
“^*P = 160 – 22 = 138”