Raymond B. answered 02/03/21
Math, microeconomics or criminal justice
demand is downward sloping: P=-(2/7)Q +283/7 where P=price and Q= quantity of output
(73,20), (94,14) are points on the demand line
supply is upward sloping P=(1/5)Q + 2, (60,14) and (90,20) are points on the supply line
set them equal and solve for Q = about 79.12 at equilibrium output
substitute that into either equation and solve for P = about $17.82 for equilibrium price
plot the points and lines graphically. You can see equilibrium is between 14 and 20 for price
and between 73 and 90 for output. midway is about 17 and 81, an approximation, which is close