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When P = $65, the quantity demanded of a good is 80 units, and the quantity supplied of the good is 40 units. For every $10 increase in the price of this good, quantity demanded falls by 10 units and quantity supplied rises by 10 units. The equilibrium price of this good is ___________and the equilibrium quantity of this good is _________ units. a. $85; 50 b. $55; 30 c. $75; 50 d. $75; 70 e. $85; 60

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Answer:

The answer is: E) the equilibrium price is $85; and the equilibrium quantity is 60 units

Explanation:

The equilibrium price of a demand and supply curve is the price where the  quantity supplied of a product or service equals the quantity demanded of that product or service.

We start at a price of $65

Price          Quantity demanded             Quantity supplied

$65                   80 units                                40 units

$75                   70 units                                 50 units

$85                   60 units                                60 units

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