Question

Qd = 1500 - 5P

Qs = -500 + 5P

Find

P, Q

Answer 1

At the equilibrium $Q_d=Q_s$, therefore, we can write:

$$1500-5P=-500+5P,$$ $$2000=10P,$$ $$P=200.$$

Then, we can substitute $P$ into the demand function and find $Q$:

$$Q=1500-5\cdot200=500.$$