Suppose the demand for fish tacos is given by the following equation: qd = 12 - 2p where qd is the quantity demanded per week of fish tacos, and p is the price of fish tacos. suppose further that the supply of fish tacos is: qs = 1 + 3p where qs is the quantity supplied per week of fish tacos. what is the equilibrium market price of fish tacos? (round your answer to 2 decimal places.)

Q = 7.6

P= 2.2

Explanation:

The equilibrium price makes both, supply and demand equal quantity.

we can conclude Qd = Qs

We replace quanty by their price-based expression

12 - 2P = 1 + 3P

And we can solve for price

11 = 5P

2.2 = P

Then we solve for Q

1 + 3 x 2.2 = 7.6

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