Question

find the equilibrium price and quantity for the market wherein qs=-20+3p qd=220-5p

Answer 1

E=S=D 
Qs=Qd 

220-5p=-20+3p 
240=8p 
p=30 

Q=220-5(30) 
=70 

so it's equilibrium when p=30 and Q=70

Answer 2

to find the equilibrium of price and quantity or market is reached by comparing the quantity demanded and quantity supplied by quoting that

Qd=Qs

20+3p=220-5p_ here the like times are put togeher to ensure that the mathematical unknowns are reached by

3p+5p=220-20

=8p=200 the value of p is therefore reached by dividing both sides by 8p;

200 divide by 8p

p=25 Therefore the equilibrium price and quantity is 25/=

vic