For the Pair of Supply and Demand Equations

question 58

Short Answer

For the pair of supply and demand equations
​ and ​
where x represents the quantity demanded in units of a thousand and p the unit price in dollars, find the equilibrium quantity and the equilibrium price.
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Equilibrium quantity: __________ thousand units
​
Equilibrium price: $ __________

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Definitions:

Mediator

A neutral third party who assists in resolving disputes through communication and negotiation.

Settlement

The resolution of a legal dispute or agreement process, often involving the payment of compensation or fulfillment of contractual obligations.

Negotiations

A process where two or more parties aim to reach a mutual agreement on matters of common interest.

Labor Union

An organization of workers formed to protect and advance their rights and interests through collective bargaining with employers.