Suppose demand and supply are given by qxd = 14 – (1/2)px and qxs = (1/4)px – 1 instructions: enter your responses rounded to the nearest whole number. a. determine the equilibrium price and quantity. show the equilibrium graphically. equilibrium price: $

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Suppose demand and supply are given by qxd = 14 – (1/2)px and qxs = (1/4)px – 1 instructions: enter your responses rounded to the nearest whole number. a. determine the equilibrium price and quantity. show the equilibrium graphically. equilibrium price: $

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The balance price is $ 20 and the balance quantity is 4 units.

Explanation: Equilibrium is a state of rest, a state in which the demand for a commodity is equal to its supply. The price that balances demand and supply is called the equilibrium price.

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Equilibrium quantity is given by,