Suppose that the demand curve for an advanced technology product for businesses is given by P =10,000 - 4Q³ and supply is P = 2,000 + 4Q³. The equilibrium price is ____ and the equilibrium quantity is ____. A) $6,000: 10 B) $10; 6,000 C) $70,000; 10 D) $30,000; 20

Question

Quizplus · Accepted Answer

To find the equilibrium price and quantity, set the demand and supply equations equal to each other: 10,000 - 4Q = 2,000 + 4Q. Solving for Q gives Q = 1,000. Substituting Q back into either the demand or supply equation to find P gives P = $6,000.

Suppose That the Demand Curve for an Advanced Technology Product