Answer to Question #153516 in Microeconomics for Dalen

Question

c. P=50 - 0.1Q and P=$20

Question is how can we know that Q=500-10P?

Could you pls be more specific?

Answer 1

$Q = 500-10P$

$P = 50 - 0.1Q$

$P = $ 20$

$P = 50 - 0.1 Q$

$20 = 50 - 0.1Q$

$0.1Q = 50 - 20$

$Q = 30/0.1$

$Q = 300$

$Q = 500 - 10 P$

$300 = 500 - 20(10)$

$300 = 500 - 200$

$300 = 300$

$At equilibrium Q = P$