The equation for the demand function for the good x is given: Q = 8-2P and the equation

univerkov | June 15, 2021 | education

The equation for the demand function for the good x is given: Q = 8-2P and the equation d for the supply function Qs = -7 + 3P. Determine the equilibrium price.

At an equilibrium price, the volume of demand for a good is equal to the volume of supply for a good.

Let us equate the equation of the demand function and the equation of the supply function and calculate the equilibrium price:

Qd = Qs,

8 – 2P = -7 + 3P,

3P + 2P = 8 + 7,

5P = 15,

P = 3.

Answer: the equilibrium price is equal to P = 3.

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