Supply and Demand Data Are Given in the Following Tables

question 76

Short Answer

Supply and demand data are given in the following tables. What is the equilibrium price?

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Definitions:

Variable Cost

Charges that adjust in accordance with the quantity of production or the scale of sales.

Incremental Profit

The additional profit derived from a specific business decision, comparing the profit levels before and after the decision.

Selling Price

The amount at which a product or service is sold to customers.

Variable Cost

Financial outlays that fluctuate based on the activity levels or production volumes within a company.