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Chapter 14: Problem 124

Consider the two curves, one showing supply of tapes, the other showing demand for tapes. At what price per quantity is equilibrium established?

Short Answer

Expert verified
The equilibrium price per quantity is established at \(p = \frac{a - c}{1 + b}\), where a, b, and c are constants in the demand and supply curve equations \(q_D = a - p\) and \(q_S = bp + c\). To find the equilibrium price for tapes, substitute the specific values of a, b, and c from the given demand and supply curves into this formula.

Step by step solution

01

Set the demand equal to the supply

To find the equilibrium price, set the demand quantity equal to the supply quantity: \(a - p = bp + c\)
02

Solve for price per quantity

Rearrange the equation to solve for price per quantity (p): \(p = \frac{a - c}{1 + b}\) Now we have the general formula for the equilibrium price. Plug in the specific coefficients a, b, and c from the given demand and supply curves to find the equilibrium price for the tapes.

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