Question

Given the following as demand and supply functions of Rice
Qd=5p+50 and Qs=10p-100,where=price,determine the equilibrium price and quantity.

Answer 1

Answer:

Explanation:

solution,

   at equilibrium,

    Qd=Qs

   or,   5p+50=10p-100

   or,   50+100=10p-5p

   or,150=5p

     p=30

Qd=5p+30

     =5*30+50

      =200

Qs=10p-100

     =10*30-100

      =200

QS=Qd=200ans