Answer to Question #201397 in Microeconomics for Motsatsi

Question #201397

Use the following functions that show quantity demanded and quantity supplied to answer the questions

Qd=600 - 30P

Qs=-300 + 120P

What are the equilibrium quantity

Expert's answer

At equilibrium:

"Q_d=Q_s \\\\\n\n600-30P=-300+120P \\\\\n\n900=150P \\\\\n\nP= \\frac{900}{150}=6 \\\\\n\nQ_{eq}=600- 30 \\times 6 = 600-180 = 420"

Answer: 420

Learn more about our help with Assignments: Microeconomics

No comments. Be the first!