MHB How to Calculate Equilibrium Price with Given Information?

AI Thread Summary
To calculate the equilibrium price, identify the point where quantity demanded equals quantity supplied. In the provided data, the equilibrium price is $15.00, as both the quantity demanded and supplied are 27 at this price point. This intersection indicates that the market is balanced, with no surplus or shortage. Understanding this concept is crucial for analyzing market dynamics. The equilibrium price reflects the optimal price for both consumers and producers.
kaz
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I do not understand how to calculate the equilibrium price of an object. Say i have the following information how would i set up the information to solve for the price?

Price of (Insert the name of your good or service) Quantity Demanded Quantity Supplied (in this order.)

\$7.99, 35, 21
\$15.00, 27, 27
\$34.99, 15, 43

Please help i need to finish a project for school.
 
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This is more of a concept question. You don't really need to do any calculations.

The equilibrium price occurs when your supply and demand curve intersect, meaning, when supply=demand.

So your equilibrium price is $15.00, because you have supply=27 and demand=27, so supply=demand.
 

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