Solve the Problem. -Assume That the Price Per Unit D of a Certain

question 15

Multiple Choice

Solve the problem.
-Assume that the price per unit d of a certain item to the consumer is given by the equation d = 35 - .10x, where x is the number of units in demand. The price per unit from the supplier is given by the equation s = .2x + 20,
Where x is the number of units supplied. Find the equilibrium price and the equilibrium quantity.

• A) equilibrium price: $35 per unit; equilibrium quantity: 50 units
• B) equilibrium price: $50 per unit; equilibrium quantity: 30 units
• C) equilibrium price: $30 per unit; equilibrium quantity: 50 units
• D) equilibrium price: $20 per unit; equilibrium quantity: 50 units

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Definitions:

Per Capita GDP

The gross domestic product of a country divided by its population, reflecting the average economic output per person.

Less Developed Countries

Nations with lower living standards, undeveloped industrial bases, and low Human Development Index (HDI) relative to other countries.

Annual Rate

A rate of interest, growth, or performance measured over a twelve-month period.

Food Supply

The total amount of food available to feed a population, encompassing production, distribution, and stocks of foodstuffs.