Lawn mowing services are supplied by a host of individuals in the suburb of Westbrook. Demand and supply conditions in the perfectly competitive domestic for lawn mowing services are:
P = $75 - 1.75QD
(Demand)
P = $2QS
(Supply)
where P is price per lawn mowed and Q is quantity of lawns mowed per day.
A. Algebraically determine the equilibrium industry price/output combination.
B. Confirm this by graphing industry demand and supply curves.