Question

Given demand and supply equations,Qd=55-1/3p and Qs=10+2/3p, determine the equilibrium price and equation

Answer 1

Answer:

at a level of equilibrium Qd=Qs

55-1/3p=10+2/3p

55*3-1p=10*3+2p

165-1p =30+2P

165-30 =2p+1p

135= 3p

135/3 =p

45 =p