The table contains information on the price per month and th

The table contains information on the price per month and the monthly demand and supply of online music streaming subscriptions PriceQuantity demanded (thousands)Quantity supplied (thousands) $11.10 $11.30 $11.50 $11.70 590 530 490 440 440 460 490 560 What are the equilibrium price and quantity? Equilibrium price: $ thousand subscriptions Equilibrium quantity:

Solution

As per Table: Demand and supply is equal at price $ 11.50 with quantity traded being 490 Therefore, Equilbrium Price:   $ 11.50 Equilibrium Quantity: 490 thousands subscription