Suppose demand and supply are given by qxd = 14 - (1/2)px and qxs = (1/4)px - 1 instructions: enter your responses rounded to the nearest whole number. a. determine the equilibrium price and quantity. show the equilibrium graphically. equilibrium price: $

Equilibrium price is $20 and equilibrium quantity is 4 units.

Explanation: Equilibrium is a situation of rest, a situation where demand for a good is equal to its supply. The price that balance demand and supply is known as the equilibrium price.

" alt="Q_{xd} = Q_{xs} </p <p14 - \frac{1}{2} P_{x} = \frac{1}{4} P_{x} - 1</p <p14 + 1 = \frac{1}{4} P_{x} + \frac{1}{2} P_{x} </p <p15 = \frac{3}{4} P_{x} </p <p20 = P_{x}" />" /> =  Equilibrium price

Equilibrium quantity is given by,

answer; ///blank(1); dealers; blank(2); brokers;

answer; whoever is willing and able to pay the price;