The demand curve is described by the equation Qd = 70-2p, and the supply curve is described by the equation
| December 6, 2020 | education
The demand curve is described by the equation Qd = 70-2p, and the supply curve is described by the equation Qs = 10 + p. The government has fixed the price at $ 15. Graphically and analytically (linear function) find the amount of excess or deficit.
Given the demand curve is described by the equation Qd = 70-2p, and the supply curve is described by the equation Qs = 10 + p. First you need to find the price of equilibrium. Let’s equate the functions. 70-2p = 10 + p, 3p = 60, p = 20. And Q (e) = 70-2 * 20 = 30
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