Answer to Question #240779 in Microeconomics for rap

Question

1.The demand for some goods is set by formula Qd = 200-10Р, the supply is presented by the formula Qs = 60+15P 1) Compute the equilibrium price and quantity of goods at this market; 2) If a market price is fixed as Р = 10rub., calculate the demand and supply amount.

Answer 1

$1) 200-10P = 60+15P$

$200-60 = 15P+10P$

$140 = 25P$

$P = \frac{140}{25}$

$P = 5.6$

Equilibrium price = 5.6

$Qd = 200-10(5.6)$

$= 200-56 = 144$

Equilibrium quantity = 144

2. When$P = 10rub$

demand amount = $200-10(10)$

$= 200-100 = 100$

demand amount = 100

Supply amount = $60+15(10)$

$60+150$

$= 210$

Supply amount = 210