Suppose demand can be described with the equation Q = 900 − 5P and supply with the equation Q = 100 + 5P. Complete the following table. Determine the equilibrium price and quantity.
Definitions:
Direct Materials
Raw materials that are used in the manufacturing process and are directly incorporated into the finished product.
Direct Labor
The wages and associated costs for employees who are directly involved in the production of goods or services.
Factory Overhead
All indirect costs associated with manufacturing, including utilities, maintenance, and salaries of indirect labor, not directly tied to the production of goods.
Sales Dollars
The total revenue generated from the sale of goods or services before any expenses are subtracted.
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