Question: 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=\\) 75-1.75 Q_{D}$

Demand

\(P=\\) 2 Q_{S}$

Supply

where \(P\) is price per lawn mowed and \(Q\) is quantity of lawns mowed per day.

1. Algebraically determine the equilibrium industry price/output combination ( 10 points).
2. Confirm this by graphing industry demand and supply curves (Using excel or any other method/technique of your choice). \(-30\) points.

For the graph, use prices: 10,20,30,40,50,60,70,80,90 and Quantities: 5,10,15,20,25

Price: $2.99

Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document