Question #328829

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.


1
Expert's answer
2022-04-17T17:03:50-0400

Qd=1205P,Q_d=120-5P,

Qs=30+10P,Q_s=-30+10P,

Qd=Qs,Q_d=Q_s,

1205P=30+10P,120-5P=-30+10P,

150=15P,150=15P,

P=10,P=10,

Qd=Qs=70.Q_d=Q_s=70.


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