Len I.

asked • 02/02/21

I need help solving an equilibrium point problem, how do I even write out this equation?

A company makes hammers and for $20, they will make 90 hammers.  Consumers will only buy 73 of them. If the company lowers the price to $14, consumers will purchase 94 hammers, but the company would only make 60 of them. What is the equilibrium price and quantity of hammers that should be made? 


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