Consider the supply and demand equations:
S1 = 0.4Pt-1 = 12
Dt = -0.8Pt + 66,
where S, and D, denote the market supply and market demand at time t.

Assume Po= 70 and the equilibrium conditions prevail. Find the long-run price, that is, the price Past grows to infinity. Round your answer off to two decimal places. Answer: