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If demand equals 13500-500Psupply equals 3000 plus 200P what is the equilibrium price?
Wiki User
∙ 14y ago
Set this out as an equation:-
13500 - 500P = 3000 + 200P.
Add 500P to both sides:-
13500 = 3000 + 700P
Subtract 3000 from both sides:-
10500 = 700P
Divide both sides by 700:-
P = 10500/700 = 105/7 = 15.
Therefore the equilibrium price is 15.
Wiki User
∙ 14y ago
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