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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
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