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(Solved): Solve the following equilibrium problem using (i) substitution method and (ii) graphical approach. ...
Solve the following equilibrium problem using (i) substitution method and (ii) graphical
approach. Round your final answers to two decimal places if necessary.
Let the demand and supply functions be as follows:
Demand: QD=100-3PQ_(D) = 100-3PQD=100-3P
Supply: QS =-10+4PQS=-10+4PQS=-10+4P
Find:
(a) The equilibrium price and quantity.
(b) Verify your solution by substituting the equilibrium price back into both equations.
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