Answer to Question #222423 in Microeconomics for Dere

Question

Qd=31000-2p and Qs=14p+110000 illustrate graphically

Answer 1

Qd$=$ 31000$-$ 2p

Qs$=$ 14p$+$ 110000

At equilibrium Qd$=$ As

31000$-$ 2p$=$ 14p$+$ 110000

31000$-$ 110000$=$ 16p

p$=$ $-$ 4937.5

Solving for Qd$=$ 31000$-$ 2( − 4937.5) = 40875

For Qs$=$ 14$($ $-$ 4937.5$)$ $+$ 110000= 40875

For drawing the demand curve, when quantity is 0, price equals to 15500. On supply curve when price is 0, quantity equals 110000

The following graph shows the supply and demand curve.