Price of a vinyl record & Quantity Demanded & Quantity Supplied 15 & 50 & 26 25 & 40 & 28 35 & 30 & 30 45 & 20 & 32 Based on this information, what is the equilibrium price and quantity for a vinyl record? If necessary, round equilibrium price to the nearest cent and round equilibrium quantity to the nearest whole number. Answer 2 Points The equilibrium price is The equilibrium quantity is

## Step 1: Understanding Equilibrium<br />### The equilibrium price and quantity occur where the quantity demanded equals the quantity supplied. This is the point at which the market is balanced, with no surplus or shortage.<br /><br />## Step 2: Analyzing the Table<br />### From the table, we need to find the price at which the quantity demanded equals the quantity supplied. Let's examine each row:<br /><br />- At $15, Quantity Demanded = 50, Quantity Supplied = 26<br />- At $25, Quantity Demanded = 40, Quantity Supplied = 28<br />- At $35, Quantity Demanded = 30, Quantity Supplied = 30<br />- At $45, Quantity Demanded = 20, Quantity Supplied = 32<br /><br />### The equilibrium occurs at $35, where the quantity demanded (30) equals the quantity supplied (30).