Answer to Question #141880 in Microeconomics for Eli

Question

how to solve the function of demand and supply good are
QD=50-2P
QS=4P+2P
QD=QS

Answer 1

$Q_{D}$=50-2P--------(1)

$Q_{S}$ = 4P+ 2P--------(2)-

$Q_{D}=Q_{S}$ --------------(3)

Put the value of Q_D and Q_s in eqⁿ (3)

50-2P=4P+2P

8P = 50

P = 6.25

where P is the equilibrium Price.

Put the value of P in eqⁿ (1) and (2),

we get,

$Q_{D}$ =$50-2\times P$ =$50-2\times6.25=37.5$

$Q_{S}$ =$6\times P$ =$6\times6.25=37.5$

At point P where the function of demand goods are equal to the function of supply goods.