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Answer :
The equilibrium quantity and price for solar panels in Tempe is 7 and $26 respectively.
To calculate equilibrium quantity of solar panel:
Equilibrium is a point where market demand and supply curve intersect. i.e. quantity supplied becomes equal.
Qd = Qs
40 - 2Qd = 5 + 3Qs
2Qd + 3Qs = 35
2Q + 3Q = 35 (Substituting Qd and Qs as Q since both are equal)
5Q = 35
Q = 7
Therefore, the equilibrium quantity of solar panels in Tempe is 7.
To calculate equilibrium price of solar panel:
P = 5 + 3Qs
P = 5 + 3(7)
P = 26
Therefore, the equilibrium price of solar panels in Tempe is $26.
To learn more about equilibrium:
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The complete question is:
The supply and demand for solar panels in Tempe are given by:
Supply: P = 5+ 3Qs
Demand: P = 40-2 Qd
A. What is the equilibrium quantity of solar panels in Tempe?
B. What is the equilibrium price of solar panels in Tempe?
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