given market demand Qd = 50 - p and p = Qs +5 , find the market equilibrium price and quantity?
Answers
Answered by
3
Answer:
Given:
Market demand Qd = 50 - P, and market supply P = Qs + 5
To find:
Market equilibrium price and quantity
Explanation:
A) Market equilibrium price
Qd=50-p
P=Qs+5, Qs= -5+p,
Therefore, Qs=Qd,
50-p= -5+p
50+5= p+p
55=2p
\frac{55}{2}
2
55
=p
27.5=p
Quantity :
Qd(Quantity demanded)= 50-p,
Qd=50-27.5
Qd=22.5
Qs(Quantity supplied)= -5+p,
Qs= -5+27.5
Qs=22.5
Similar questions