The supply and demand curves for apples and given Qd = 79 – 8p and Qs = 14 + 5p Calculate the equilibrium price and equilibrium quantity Draw the graph. If the price of apples were p=3, is there a surplus (excess supply) or a shortage (excess demand) How many units of excess supply or an excess demand are there?

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.