Determine the Equilibrium Price and Quantity in Each of the Following

question 5

Essay

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

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Definitions:

Legally Sufficient Consideration

Value legally recognized by the courts, required for a contract to be enforceable, involving a promise, act, or forbearance.

Aggravated Identity Theft

A crime involving the unauthorized use of another individual’s personal information to commit fraud, especially under circumstances that exacerbate the crime's severity.

EU Data Protection Directive

A decree issued by the European Union (EU) that prevents European companies from sharing ESI with countries that do not provide the same level of protection for the ESI as the EU.

Consideration

The value (such as cash, goods, or services) exchanged between parties in a contract, making the agreement legally binding and enforceable.