Please answer the questions on the attached picture with work shown, thanks! (question 8) 9) Find the equilibrium price (P) and quanitityde manded and suppied for the following medelof supply and demand (Hint: equilibrium iswhen the quantity demanded, D,to the quantity supplied, 5.)D= 49-P , amd S= 10 +3Pis equal

Here, given demand function is: D=49-(1/2)P And, supply function is given as: S=10+3P To find,…

Answered: 8) Find the equilibrium price (P) and…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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8) Find the equilibrium price (P) and quantity de manded aud supplied for the following madel of supply and demand (Hint: equilibrium is when the quantity demanded, D, is equal to the quantity supplied, 5.) D= 49-P , and S= 10 +3P こ