Determine the Equilibrium Price and Quantity in Each of the Following.(a)

question 7

Essay

Determine the equilibrium price and quantity in each of the following.(a) Demand is represented by the equation, P = 28 - .2QD and supply by the equation P = 8 + .3QS.(b) Demand is represented by the equation, P = 30 - .5QD and supply by the equation P = 5 + .5QS.(c) Demand is represented by the equation, P = 20 - .3QD and supply by the equation P = 4 + .2QS.

---

Definitions:

Carnival Corporation

A multinational leisure travel company, which operates a fleet of cruise ships and is considered one of the largest travel leisure companies in the world.

Supplier Power

The influence that suppliers may have over the businesses they supply, affecting terms, pricing, and availability of products or services, potentially impacting competitive dynamics in an industry.

Globalization

The process of increasing interconnectedness and interdependence among countries, typically with respect to economics, politics, and culture.

Integrated Supply

A strategy that synchronizes the flow of materials and information among various suppliers to ensure efficient and cost-effective operations.