Answer to Question #230113 in Microeconomics for Amanda

Question

Determine the equilibrium price and quantity of the 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