Answer to Question #228554 in Microeconomics for Mukelisiwe

Question

c) Determine the equilibrium price and quantity of the above market when j=100.

Qd = Qs given the following equations: 400 - 2P + 4j = - 100 + 3P and 400+400+100 = 3P+2P calculate price and quantity.

Answer 1

$400-2P+4j=-100+3P$

$400-2P+4(100)=-100+3P$

$900=5P$

$P=180$

$Q= -100+3(180)= 440$

Price=180

Quantity= 440