Question

Given the demand for a product as Qd = 100 – 5p and the supply as Qs = -20 + 3p, you are told
equilibrium is obtained at the point where Qd = Qs. The equilibrium price for the product is

Answer 1

Answer:

Explanation:

Q_d = 60- 2P

Q_s = 3P

At the point of equilibrium, the quantity demanded will be equal to the quantity supplied.

60 - 2P = 3P

5P = 60

P = $12...