QXd = 14 - (1/2)PX and QXs = (1/4)PX - 1
Instructions: Round your answers to the nearest whole number.
a. Determine the equilibrium price and quantity. Show the equilibrium graphically.
Equilibrium price:
Equilibrium quantity:
Use the tools provided to graph the inverse supply function 'S' and the inverse demand function 'D' from X = 0 to X = 6 (two points total for each) and indicate the equilibrium point.