Population demand function for this product: Qd = 7-p. Supply function Qs = -5 + 2p. Find the equilibrium price and quantity.
| November 23, 2020 | education
To find the equilibrium price and equilibrium quantity, we first need to equate these functions to each other:
7-p = -5 + 2p
-3p = -12
p = 4 – equilibrium price
Then it substitutes the found equilibrium price into any of these two functions:
Q = 7-4 = 3 – equilibrium amount
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