Answer to Question #222145 in Macroeconomics for Jon

Question #222145

The demand and supply functions of a commodity are given as follows:
Qd = 40 – lnp Qs = lnp – 20.
1.Find the equilibrium price and quantity

Expert's answer

For price to be at equilibrium ;"Q_d=Q_s"

"40-Inp =Inp - 20"

"2Inp=60"

"p=30"

"Quantity =40-30=10"

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