The demand function is represented by the equation Qc = 200-3P, and the supply function

The demand function is represented by the equation Qc = 200-3P, and the supply function is represented by the equation Qp = 2P-100, where P is the price in rubles, and the quantities of demand Qc and supply Qp are in thousands of pieces. A) Find the equilibrium price and the equilibrium quantity.

To find the equilibrium price, it is necessary to equate the supply and demand functions.

Qs = Qd.

200 – 3P = 2P – 100.

200 + 100 = 2P + 3P.

300 = 5P.

P = 300: 5.

P = 60.

We found that the equilibrium price is 60 rubles, and in order to find the equilibrium quantity of supply and demand, this price must be substituted into each equation.

Qs = 200 – 3 * 60 = 200 – 180 = 20 thousand pieces.

Qd = 2 * 60 – 100 = 120 – 100 = 20 thousand pieces.

Answer: the equilibrium price is 60 rubles, the equilibrium quantity is 20 thousand pieces.