Question

How is price determined under perfect competition? Find the equilibrium price and quantity for the market where in qs = -20 + 3p qd= 220-5p

Answer 1

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Answer 2

The solution to this question done below.

q s = 20 + 3 p

q d = 220 - 5 p

q s = q d

- 20 + 3 p = 220 - 5 p

3 p + 5 p = 220 = 20

8 p / 8 = 240  /8

q s = q d

therefore,

qd  =  220 - 150  

hence answer is  70 .