Question

The demand and supply functions of a good are given by Qd = 110-5p; Qs=6p where P, Qd and Qs denote price, quantity demanded and quantity supplied, respectively. Find the inverse demand and supply functions and the market equilibrium price and quantity.​

Answer 1

Answer:

Qd = 110-5P

5P = 110-Qd

P = 110-Qd/5

Qs = 6P

P = Qs/6

(ii) Find the equilibrium price and quantity

Solve simultaneously:

Qd = 110-5P

Qs = 6P

At equilibrium Qd = Qs

110-5P = 6P

Collect the terms

-5P-6P = -110

11P = 110

P = 110/11

P = 10

Solve for Q*

Qd = Qs = 6P = 6(10) = 60 = Q*

Explanation:

Hope it helps u

#Keep smiling :)

brainliest plz.....