Find the Equilibrium Point for the Following Supply and Demand

question 19

Multiple Choice

Find the equilibrium point for the following supply and demand functions below, where p is price per unit and q is the number of units produced and sold. ​
Demand: Supply: ​

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Definitions:

Present Value Factor

A factor used to calculate the present value of a future amount, reflecting the time value of money.

Annuities

Financial products that provide regular payments over a set period of time, often used as an income stream for retirees.

r

Often represents the rate of return or interest rate in financial equations and models.

APR

Annual Percentage Rate (APR) is a measure that depicts the actual yearly cost of funds over the term of a loan or the return on an investment, including any fees or additional costs associated with the transaction.