Question

The demand curve for hotel rooms is Qd = 1000-5PB and the supply curve is Qs = 200+3PS, where Qd is the quantity demanded and Qs is the quantity supplied, PB is the price paid by buyers and PS is the price received by sellers.

Answer 1

$Q_d = 1000- 5 Pb$

$Q_s = 200 + 3 Ps$

Equating both :

$Pb = Ps = 100 and Q_d = Q_s = 500$