Question: Make sure your answers display the correct and exact units of measurement. You are given the following information: Let Qs = -400 + 5.5P and

Make sure your answers display the correct and exact units of measurement.

You are given the following information:

Let Qs = -400 + 5.5P and Qd = 32,000 - 12.5P be the supply and demand relationships respectively for a competitive market.

Price is defined in dollars and Quantity is defined per 1000's of units for all of the questions below.

Solve for the equilibrium price and quantity. Assume the price is expressed in dollars and the quantity is defined in 1,000's of units. (Note: since quantity is defined in 1,000's of units, you need to adjust your answer to account for this.)

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