Answer:
Equilibrium price is $8
Equilibrium quantity is 21
Explanation:
Equilibrium occurs where quantity demanded equals the quantity supplied. At equilibrium, both buyers and sellers are satisfied and there's no incentive to change the price and quantity demanded.
Equilibrium price is the price where equilibrium occurs. In this question, it is $8.
Equilibrium quantity is the Quanitity where equilibrium occurs. In this question, it is 21.
Graphically, equilibrium is found where the demand curve intersects the supply curve.
Please check the attached image for a graphical representation of Equilibrium.
I hope my answer helps you
