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Answer :
Final answer:
The equilibrium price is found to be 8, and the equilibrium quantity is 122 after solving the equations for the demand and supply curves given. None of the provided options match this correct answer.
Explanation:
The question given involves finding the equilibrium price and quantity from a set of demand and supply equations: Qd = 170 - 6P and Qs = 58 + 8P. To find the equilibrium where quantity demanded equals quantity supplied (Qd = Qs), we set the two equations equal to each other and solve for P (price).
Setting the equations equal gives us: 170 - 6P = 58 + 8P. Adding 6P to both sides and subtracting 58 from both gives us: 112 = 14P, which simplifies to P = 8. This is the equilibrium price. To find the equilibrium quantity, we substitute P = 8 into any one of the original equations. Using Qs = 58 + 8(8), we get Qs = 122. Therefore, the equilibrium price is 8, and the equilibrium quantity is 122, which means none of the provided options are correct.
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