Answer to Question #162464 in Microeconomics for Adelaide

Question #162464

. MacGuffins have a demand function of QD = 70 – P and a supply function of QS = 2P + 10. Determine the price at equilibrium

Expert's answer

At equilibrium

Demand = Supply

QD = QS

Hence

"(70-p)=(2p+10)"

"3p=60"

"P=(60\u00f73)"

"P=20"

Therefore the price at equilibrium is 20

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