Assume a linear demand function of the form:
Qd = 120 - 5P and a linear supply curve of the form:
Qs = -30 + 10P
Using these demand and supply functions, answer the following questions.
Qd=120−5P,Q_d=120-5P,Qd=120−5P,
Qs=−30+10P,Q_s=-30+10P,Qs=−30+10P,
Qd=Qs,Q_d=Q_s,Qd=Qs,
120−5P=−30+10P,120-5P=-30+10P,120−5P=−30+10P,
150=15P,150=15P,150=15P,
P=10,P=10,P=10,
Qd=Qs=70.Q_d=Q_s=70.Qd=Qs=70.
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