The demand function is Qd = 3-P, and the supply function is Qs = 2P. What is the equilibrium price and quantity equal to?
| December 6, 2020 | education
Since the demand function is Qd = 3-P, and the supply function Qs = 2P, in order to find the equilibrium price, you need to equate two functions. It turns out 3-P = 2P. So P will be equal to 1. That is, the equilibrium price is 1. Then the equilibrium quantity is equal to 3-1 = 2.
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