Analytically and graphically find the point of market equilibrium according to the given
| April 28, 2021 | education
Analytically and graphically find the point of market equilibrium according to the given functions: demand Q = 2400 – 100Р and supply Q = 1000 + 250Р.
Find equilibrium Ро -?, Qо -?
Qs = Qd, the volume of demand is equal to the volume of supply, therefore, under this condition, the market is in equilibrium
Equating the supply and demand functions, we obtain the equilibrium value.
2400 – 100 × P = 1000 + 250 × P
1400 = 350 × P
P = 1400/350
Po = 4
Substituting the found value of the price into the demand function, we obtain the equilibrium value of the supply.
Qо = 2400 – 100 × 4 = 2000
Answer: Ro = 4, Qo = 2000
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