Question

Suppose the market for rum can be described by the following equations: Demand: P = 10 – Q Supply: P = Q – 4 where P is the price in US dollars per unit and Q is the quantity in thousands of units. Then: 

Answer 1

$10-Q=Q-4$

$2Q=10+4$

$2Q=14$

$Q=7$

P=$3

Q=7 Thousands of units