Answer 2 Points The demand curve in the market for meat is described by the equation Q_(d)=280-40P and the supply curve is described by the equation Q_(s)=40+.8P where P is the price measured in a national currency and Q is the quantity of kilograms of meat. Calculate the equilibrium price in this market. Enter the exact value. Do not round. square unit(s) of national currency

To find the equilibrium price in the market, we need to set the quantity demanded equal to the quantity supplied. This means solving the equations for \(Q_d\) and \(Q_s\) where they are equal:<br /><br />\[ Q_d = Q_s \]<br /><br />Substitute the given equations:<br /><br />\[ 280 - 40P = 40 + 0.8P \]<br /><br />Now, solve for \(P\):<br /><br />1. Combine like terms by adding \(40P\) to both sides:<br /><br /> \[ 280 = 40 + 0.8P + 40P \]<br /><br />2. Simplify the equation:<br /><br /> \[ 280 = 40 + 40.8P \]<br /><br />3. Subtract 40 from both sides:<br /><br /> \[ 240 = 40.8P \]<br /><br />4. Divide both sides by 40.8 to solve for \(P\):<br /><br /> \[ P = \frac{240}{40.8} \]<br /><br />5. Calculate the exact value:<br /><br /> \[ P = \frac{240}{40.8} = \frac{600}{102} = \frac{100}{17} \]<br /><br />Thus, the equilibrium price is \(\frac{100}{17}\) units of national currency.