Answer to Question #170656 in Economics of Enterprise for Ibrahim Alausa

Question

Qd=30-p Q's =2p

Answer 1

The market equilibrium occurs when $Q_d=Q_s$:

$$30-p=2p,$$ $$30=3p,$$ $$p=\$10.$$

Finally, we can find the equilibrium quantity:

$$Q_E=30-10=20.$$