It is estimated that the market demand and supply for cooking oil are Q d = 10 -

Question

It is estimated that the market demand and supply for cooking oil are Qd = 10 - 2 P and Qs = 2 + 2 P respectively. Please determine the equilibrium price and quantity. Select the closest Answer Pe = 2; Qe = 6. Pe = 2; Qe = 8. Pe = 2; Qe = 10. Pe = 4; Qe = 6. It is estimated that the market demand and supply for cooking oil are Qd = 10 - 2 P and Qs = 2 + 2 P respectively. Please determine the equilibrium price and quantity. Select the closest Pe = 2; Qe = 6. Pe = 2; Qe = 8. Pe = 2; Qe = 10. Pe = 4; Qe = 6. Pe = 2; Qe = 6. Pe = 2; Qe = 8. Pe = 2; Qe = 10. Pe = 4; Qe = 6.

Explanation / Answer

Pe= 2;Qe= 6.

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