Demand function Qd = 14-P supply function Qs = -10 + 2P. If a fixed price is set for this product in the amount of 7 den

univerkov | December 6, 2020 | education

Demand function Qd = 14-P supply function Qs = -10 + 2P. If this product has a fixed price of $ 7. what is the situation in the market?

The functions are given: Demand function Qd = 14-P supply function Qs = -10 + 2P. To find the initial balance, you need to equate the functions to each other. -10 + 2P = 14-P. 3P = 24, P = 8. Hence Q = 6. Then we substitute the set price. Q = 4.

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