Question

12. Suppose the demand and supply curves of salt are given by:

Q=1,000-p, Qs = 700 + 2p

(a) Find the equilibrium price and quantity.

Answer 1

(a) Market equilibrium is struck when:

Market Demand=Market Supply

1,000 p = 700 + 2p

2p+p=1,000-700

3p = 300

P = 100

Q=1,000-p

1,000-100= 900

Equilibrium price = 100

Equilibrium quantity = 900

$\huge \bold {{@QianNiu}}$

Answer 2

Refer to the attachment

Hope it helps you