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In: Economics

For a small country called Boxland, the equation of the domestic demand curve for cardboard is...

For a small country called Boxland, the equation of the domestic demand curve for cardboard is Q D = 200 − 2P , where Q D   represents the domestic quantity of cardboard demanded, in tons, and P represents the price of a ton of cardboard. For Boxland, the equation of the domestic supply curve for cardboard is Q S  = -60 + 3P , where Q S  represents the domestic quantity of cardboard supplied, in tons, and P again represents the price of a ton of cardboard.

Solutions

Expert Solution

Q D = 200 − 2P

Q S  = -60 + 3P

So at equilibrium , Qd = Qs

200 - 2P = -60 + 3P

260 = 5P

P = 52

Hence equilibrium price is $52 .

Quantity = 200 - 2(52)

Quantity = 200 - 104

Quantity = 96 units

Rahul Sunny answered 2 years ago
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